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The following information relates to Blossom Ltd.'s inventory transactions during the month of October. All of the units sold on October 5 were priced at
The following information relates to Blossom Ltd.'s inventory transactions during the month of October. All of the units sold on October 5 were priced at $25 per unit. All of the units sold on October 15 and 31 were priced at $35 per unit. Blossom Ltd. uses the perpetual inventory system. Calculate Blossom' cost of goods sold, gross margin, and ending inventory for the month of October using FIFO. Cost of goods sold $ Gross margin $ Ending inventory
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