Blossom Company uses a perpetual inventory system. The company began 2024 with 800 lamps in inventory at a cost of $10 per unit. During 2024, Blossom had the following purchases and sales of lamps: February 15 April 24 June 6 October 18 December 4 Purchased Sold Purchased Sold Purchased 1.600 units @ $16 per unit 2,000 units @ $28 per unit 2.800 units @ $21 per unit 1,600 units @ $31 per unit 1.120 units @ $24 per unit All purchases and sales are on account.
Blossom Company uses a perpetual inventory system. The company began 2024 with 800 lamps in inventory at a cost of $10 per unit. During 2024, Blossom had the following purchases and sales of lamps: February 15 April 24 June 6 October 18 December 4 Purchased Sold Purchased Sold Purchased 1.600 units @ $16 per unit 2,000 units @ $28 per unit 2.800 units @ $21 per unit 1,600 units @ $31 per unit 1.120 units @ $24 per unit All purchases and sales are on account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Blossom Company uses a perpetual inventory system. The company began 2024 with 800 lamps in inventory at a cost of $10 per unit. During 2024, Blossom had the following purchases and
sales of lamps:
February 15
April 24
June 6
October 18
December 4
Purchased
Sold
(a)
Purchased
Sold
Purchased
All purchases and sales are on account.
Your answer is partially correct.
Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 2 decimal places, eg 5.27 and final answers to 0 decimal places, e.g.
5,275)
Cost of goods sold
1,600 units @ $16 per unit
2,000 units @ $28 per unit
2,800 units @ $21 per unit
1,600 units @ $31 per unit
1.120 units @ $24 per unit
Ending inventory
$
Weighted Average
60208
59088
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