Blossom Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts in thefollowing perpetual inventory record. (Round cost per unit to 2 decimal places, e.g. 52.75.)PurchasesCostginning InventoryTotal Units$25.60 $5,12022.0020.808,8007,280200 $200400CostCost of Goods Sold$tATotalUU Blossom Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts in thefollowing perpetual inventory record. (Round cost per unit to 2 decimal places, e.g. 52.75.)Units20011Inventory BalanceCost$25.60[[Total$5,120

FIFO stands for first-in-first-out. It is a method of inventory valuation.. In this method the goods…

Blossom Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts in the following perpetual inventory record. (Round cost per unit to 2 decimal places, e.g. 52.75.) Purchases Cost ginning Inventory Total $25.60 $5,120 22.00 20.80 8,800 7,280 Units 200 200 400 $ tA Cost Cost of Goods Sold $ Total

Blossom Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts in the following perpetual inventory record. (Round cost per unit to 2 decimal places, e.g. 52.75.) Purchases Cost ginning Inventory Total $25.60 $5,120 22.00 20.80 8,800 7,280 Units 200 200 400 $ tA Cost Cost of Goods Sold $ Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof units Unit Cost Total Cost Numberof units Unit Cost Total Cost Numberof units Unit Cost
Take me to the text a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes.Round all answers to 2 decimal places. When calculating the unit cost, round to 2 decimal places as well. Inventory Schedule Purchases Sales Balance Transaction Description Quantity Amount Quantity Amount Quantity Amount Opening Balance 0 $ 0 #1 Purchase from AAA Co. 600 $6,600.00 Answer $Answer Answer $Answer #2 Sale to SSS Co. Answer $Answer Answer $Answer 300 $3,300.00 #3 Sale to TTT Co. Answer $Answer 150 $Answer Answer $Answer #4 Purchase from BBB Co. 70 $1,400.00 Answer $Answer Answer $Answer #5 Sale to UUU Co. Answer $Answer 30 $Answer Answer $Answer b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co.? COGS = $Answer c) If the specific identification method had…
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please solve with the FIFO method ( question 2)
Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Wildhorse for the month of January 2022. Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 150 $ 20 Jan. 2 Purchase 100 21 Jan. 6 Sale 180 42 Jan. 9 Purchase 70 25 Jan. 10 Sale 60 42 Jan. 23 Purchase 112 26 Jan. 30 Sale 128 49
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