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Blossom Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Blossom's 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 Blossom's purchases and sales of the ultra-lightweight snowboard in October: Assume that all of Blossom's sales are for cash and all of its purchases are on account. Record the purchase on October 10 and sale on October 12 for Blossom Snowboards in a perpetual inventory system under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to 3 delimal places, eg. 5.275 and final answers to 2 decimal places, eg, 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. List all debit entries before credit entries.) Perpetual-Weighted Average Oct. 10 Oct. 12 (To record cash sales.) Oct. 12 (To record cost of goods sold.)
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