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Blossom Company maintains a perpetual inventory system. Below, Blossom provides you with the beginning inventory at July 1 as well as the details for the
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Blossom Company maintains a perpetual inventory system. Below, Blossom provides you with the beginning inventory at July 1 as well as the details for the 4 purchases of inventory and 3 sales of inventory occurring during July:
Date Unit Price Quantity Extended Beg. Balance 1-Jul $2.50 1,000 $2,500 July Purchases: Date Unit Price Quantity Extended 1 2-Jul $3.00 1,000 $3,000 2 5-Jul $3.15 1,500 $4,725 3 8-Jul $3.50 1,400 $4,900 4 13-Jul $4.15 2,000 $8,300 July Customer Sales: Date Unit Price Quantity Extended 1 3-Jul $12.00 1,600 $19,200 2 11-Jul $12.00 2,100 $25,200 3 15-Jul $12.00 2,600 $31,200 Assume Blossom uses the weighted average method. How much gross profit will Blossom report for the first half of July (i.e. for the two weeks ended July 15th)? Round your intermediate calculations to 4 decimals and your final answer to the nearest $1.
A. $51,581
B. $54,212
C. $53,829
D. $55,062
E. $54,463
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