Calculate the ending inventory balance for Blossom Ltd.. assuming the company uses a perpetual inventory system and the moving- average cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,275.)
Calculate the ending inventory balance for Blossom Ltd.. assuming the company uses a perpetual inventory system and the moving- average cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,275.)
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PEA: Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory...
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Question
![The following inventory transactions took place for Blossom Ltd. for the year ended December 31, 2023:
Cost/
Selling
Date
Event
Quantity
Price
Jan 1
beginning inventory 20,160
$44.75
Jan 5
sale
6,120
69.95
Feb 15
purchase
33,900
41.25
Mar 10
purchase
10,420
46.00
May 20
sale
41.800
69.95
Aug 22
purchase
14,000
42.00
Sep 12
sale
20,300
69.95
Nov 24
purchase
9,300
43.95
Dec 5
sale
14,800
69.95
Calculate the ending inventory balance for Blossom Ltd., assuming the company uses a perpetual inventory system and the moving-
average cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending
inventory to O decimal places, e.g. 5,275.)
Ending inventory
$
SUPPORT](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F13f0a062-3a0a-4fc9-b014-a3035797aa2d%2F499a48da-c3dd-4569-8cbc-20a8c4ed1602%2Fs9cj16d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following inventory transactions took place for Blossom Ltd. for the year ended December 31, 2023:
Cost/
Selling
Date
Event
Quantity
Price
Jan 1
beginning inventory 20,160
$44.75
Jan 5
sale
6,120
69.95
Feb 15
purchase
33,900
41.25
Mar 10
purchase
10,420
46.00
May 20
sale
41.800
69.95
Aug 22
purchase
14,000
42.00
Sep 12
sale
20,300
69.95
Nov 24
purchase
9,300
43.95
Dec 5
sale
14,800
69.95
Calculate the ending inventory balance for Blossom Ltd., assuming the company uses a perpetual inventory system and the moving-
average cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending
inventory to O decimal places, e.g. 5,275.)
Ending inventory
$
SUPPORT
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