Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Blossom Company uses a perpetual inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June
Blossom Company uses a perpetual inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $600 12 Purchase 360 6 2,160 23 Purchase 170 7 1,190 30 Inventory 205 X Your answer is incorrect. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 45 units on June 27 for $9. (Round answers to O decimal places, e.g. 125.) Cost of the ending inventory Cost of goods sold Tauthaal and d FIFO 1370 LIFO Moving-Average 1240 $ 1320 2580 $ 2710 $ 2630
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started