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 $ $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
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

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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