Current Attempt in ProgressBlossom Corporation began operations on December 1, 2024. The only inventory transaction in 2024 was the purchase of inventoryon December 10, 2024, at a cost of $25 per unit. None of this inventory was sold in 2024. Relevant information is as follows.Ending inventory unitsDecember 31, 2024December 31, 2025, by purchase dateDecember 2, 2025127July 20, 202512750177During the year, the following purchases and sales were made.PurchasesSalesMarch 15327 unitsat$30April 10227July 20327 unitsat32August 20327September 4227 unitsat36November 18177December 2127 unitsat38December 12227The company uses the periodic inventory method.(a1)Your answer is correct.Calculate the weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)Weighted-average cost$(a2)eTextbook and MediaYour answer is partially correct.32.11Attempts: 1 of 4 usedDetermine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to O decimalplaces, e.g. 2,760.)ic Identification6426eTextbook and MediaSave for LaterFIFO6626$LIFO4675$Average-Cost56Attempts: 3 of 4 usedSubmit Answer

Name: Current Attempt in ProgressBlossom Corporation began operations on De
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Description: Current Attempt in ProgressBlossom Corporation began operations on December 1, 2024. The only inventory transaction in 2024 was the purchase of inventoryon December 10, 2024, at a cost of $25 per unit. None of this inventory was sold in 2024. Releva

It is the stock held for sale to customers. The inventory comprises of raw materials, work in…

Business

Accounting

Blossom Corporation began operations on December 1, 2024. The only inventory transaction in 2024 was the purchase of inventory on December 10, 2024, at a cost of $25 per unit. None of this inventory was sold in 2024. Relevant information is as follows. Ending inventory units December 31, 2024 December 31, 2025, by purchase date 127 December 2, 2025 July 20, 2025 127 50 177

Blossom Corporation began operations on December 1, 2024. The only inventory transaction in 2024 was the purchase of inventory on December 10, 2024, at a cost of $25 per unit. None of this inventory was sold in 2024. Relevant information is as follows. Ending inventory units December 31, 2024 December 31, 2025, by purchase date 127 December 2, 2025 July 20, 2025 127 50 177

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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1. Estimate ending inventory for 2022 using the conventional retail method.
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Determining Merchandise to be Included or Excluded from Ending Inventory The unadjusted inventory balance of Sara Ann Corp. is $1,100,000 on December 31, 2020, based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $1,100 of merchandise inventory shipped to Sara Ann Corp. from a vendor f.o.b. destination that arrived on January 1, 2021. b. On December 31, the physical inventory included $39,600 of merchandise inventory held on consignment by a customer. Sara Ann Corp. is the consignor. c. On December 31, the physical inventory included $1,760 of merchandise held on consignment. The consignor is Sara Ann's largest vendor. d. $39,600 of in-transit merchandise was shipped f.o.b. shipping point to a customer and was excluded from the physical inventory count. The merchandise was shipped on December 28, 2020, and is expected to arrive at the customer on December 31, 2020. e.…
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PROBLEM 9: The inventory on hand on December 31, 2022 for FFF Company is valued at acost of P950,000. The following items were not included in this inventory amount: A. Purchased goods in transit, terms FOB shipping point, invoice price of P50,000 andfreight cost of P2,500. B. Purchased goods in transit, shipped FOB destination, invoice price of P30,000 whichincludes freight charge of P1,500. C. Goods held on consignment by FFF Company at a sales price of P28,000, includingsales commission of 20% of the sales price. D. Goods sold to GGG Company, under terms FOB destination, invoiced for P18,500which includes P1,000 freight charge to deliver the goods. Goods are in transit. Theentity’s selling price is 140% of cost. E. Goods out on consignment to HHH Company, sales price of P35,000 and shippingcost of P2,000. What is the adjusted cost of the inventory on December 31, 2022?
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Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales (before employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight in Employee discounts granted Loss from breakage (normal) Cost $158,500 752,100 42,300 11,400 37400 Retail $265.000 1,357,000 75,400 1,243,000 53,600 67,200 15,200 82,200 21,500 10.500 8.800
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Sunland Corporation had the following items in inventory as at December 31, 2023: Item No. A1 84 C2 D3 (a) Quantity 4 120 110 190 120 Inventory 1 Unit Cost $3.20 Inventory 1.70 8.50 7.50 Your answer is partially correct. Assume that Sunland uses a periodic inventory system, and that none of the inventory items can be grouped together for accounti purposes. The opening inventory on January 1, 2023, was $3,200 in total. Account Titles and Explanation Allowance to Reduce Inventory to NRV NRV $3.80 1.10 Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) 10.30 7.10 (To transfer out beginning inventory balance) Allowance to Reduce Inventory to NRV (To record ending inventory at…