Question
Blossom Company uses a perpetual inventory system. The following information is provided for cost of goods sold and ending inventory under FIFO and weighted average.
Blossom Company uses a perpetual inventory system. The following information is provided for cost of goods sold and ending inventory under FIFO and weighted average.
FIFO | Weighted Average | ||||||
---|---|---|---|---|---|---|---|
Cost of goods sold | $7,080 | $6,791 | |||||
Ending inventory | $1,020 | $1,309 |
Assume sale units to be 1,160. Incorrect answer icon
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Assuming all units are sold for $15 per unit, and the product costs are decreasing, calculate gross profit under FIFO.
Gross profit | $enter Gross profit in dollars |
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Your answer is incorrect.
Assuming all units are sold for $15 per unit, and the product costs are decreasing, calculate gross profit under weighted average.
Gross profit | $enter Gross profit in dollars |
eTextbook and Media
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