Hanshabeb 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 andsales of lamps:February 15April 24June 6October 18December 4PurchasedSold(a)PurchasedSoldPurchasedAll 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 sold1,600 units @ $16 per unit2,000 units @ $28 per unit2,800 units @ $21 per unit1,600 units @ $31 per unit1.120 units @ $24 per unitEnding inventory$Weighted Average6020859088

Name: Hanshabeb Blossom Company uses a perpetual inventory system. The compa
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Description: Hanshabeb 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 andsales of lamps:February 15April 24June 6October 18December

The inventory can be valued using various methods as FIFO, LIFO and average method. Using the…

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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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

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