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Calculate Blossom Company's cost of goods sold, gross margin, and ending inventory using weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) Cost of goods sold Gross margin Ending inventory $ $ $

Calculate Blossom Company's cost of goods sold, gross margin, and ending inventory using weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) Cost of goods sold Gross margin Ending inventory $ $ $

FINANCIAL ACCOUNTING
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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Blossom Company sells leather saddles and equipment for horse enthusiasts. Blossom uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: May 1 Beginning inventory 5 9 13 24 27 30 Sale Purchase Purchase Sale Sale Purchase 150 units 100 units 50 units 200 units 200 units 50 units 75 units Cost $97,500 $35,750 $156,000 $64,350 Sales $84,500 $182,000 $52,000
Transcribed Image Text:Blossom Company sells leather saddles and equipment for horse enthusiasts. Blossom uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: May 1 Beginning inventory 5 9 13 24 27 30 Sale Purchase Purchase Sale Sale Purchase 150 units 100 units 50 units 200 units 200 units 50 units 75 units Cost $97,500 $35,750 $156,000 $64,350 Sales $84,500 $182,000 $52,000
Calculate Blossom Company's cost of goods sold, gross margin, and ending inventory using weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of goods sold Gross margin Ending inventory $
Transcribed Image Text:Calculate Blossom Company's cost of goods sold, gross margin, and ending inventory using weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of goods sold Gross margin Ending inventory $
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