Question
Unit: Cost/Unit Amount July 1 Beginning inventory 5,040 $12.00 $60,480 4 Purchase 7,560 $12.50 94,500 8 Sale 7,560 14 Sale 1,890 22 Purchase 6,300
Unit: Cost/Unit Amount July 1 Beginning inventory 5,040 $12.00 $60,480 4 Purchase 7,560 $12.50 94,500 8 Sale 7,560 14 Sale 1,890 22 Purchase 6,300 $12.75 80,325 28 Sale 4,410 All of the units sold were priced at $20 per unit. Blossom Ltd. uses the perpetual inventory system. Calculate Blossom' cost of goods sold, gross margin, and ending inventory for the month of July using weighted average. (Round calculations for cost per unit to 2 decimal places, eg. 10.52 and final answers to O decimal places, eg. 61,052) Cost of goods sold $ Gross margin $ Ending Inventory $
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Understanding Financial Accounting
Authors: Christopher D. Burnley
2nd Canadian Edition
1119406927, 978-1119406921
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