Question
Blossom Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Blossoms purchases and sales
Blossom Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Blossoms purchases and sales of the ultra-lightweight snowboard in October:
Date | Transaction | Units | Unit Purchase Price | Unit Sales Price | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 1 | Beginning inventory | 25 | $295 | |||||||||
10 | Purchase | 30 | 301 | |||||||||
12 | Sale | (42) | $456 | |||||||||
13 | Purchase | 35 | 307 | |||||||||
25 | Sale | (45) | 466 | |||||||||
27 | Purchase | 20 | 315 |
What would be the ending inventory and cost of goods sold if Blossom used FIFO and weighted average in a periodic inventory system? (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.)
FIFO | Weighted Average | |||
---|---|---|---|---|
Ending inventory | $enter a dollar amount rounded to 2 decimal places | $enter a dollar amount rounded to 2 decimal places | ||
Cost of goods sold | $enter a dollar amount rounded to 2 decimal places | $enter a dollar amount rounded to 2 decimal places |
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