(a1)Blossom Ltd. uses the perpetual inventory system.Calculate Blossom cost of goods sold, gross margin, and ending inventory for the month of July using FIFO.Cost of goods soldGross marginEnding Inventory$$$ July 1 Beginning inventory 5.0407,5608142228PurchaseSaleSalePurchase.UnitsSale7.5601,8906.3004.410Cost/Unit Amount$12.00 $60,480$12.50 94.500All of the units sold were priced at $20 per unit.$12.7580.325

Name: (a1)Blossom Ltd. uses the perpetual inventory system.Calculate Blosso
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Description: (a1)Blossom Ltd. uses the perpetual inventory system.Calculate Blossom cost of goods sold, gross margin, and ending inventory for the month of July using FIFO.Cost of goods soldGross marginEnding Inventory$$$ July 1 Beginning inventory 5.0407,560814

Under FIFO method the oldest products in inventory have been sold first.

Business

Accounting

July 1 A 14 22 28 Beginning inventory Purchase Sale Sale Purchase Sale Units 5,040 7,560 7.560 1,890 6.300 4.410 Cost/Unit $12.00 $12.50 All of the units sold were priced at $20 per unit. $12.75 Amounti $60,480 94.500 80.325

July 1 A 14 22 28 Beginning inventory Purchase Sale Sale Purchase Sale Units 5,040 7,560 7.560 1,890 6.300 4.410 Cost/Unit $12.00 $12.50 All of the units sold were priced at $20 per unit. $12.75 Amounti $60,480 94.500 80.325

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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