On May 1, Blossom Company had 380 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month May for the company is as follows: May 4 (a) 14 29 Purchases 1,400 @ $4.00 740 @ 400 @ $4.64 $4.30 Cost of goods sold Ending inventory $ May 3 $ 16 18 Sales Calculate the cost of goods sold and ending inventory using FIFO. FIFO $7.00 1,000 @ $7.00 260 @ 520 @ $7.50

On May 1, Blossom Company had 380 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month May for the company is as follows: May 4 (a) 14 29 Purchases 1,400 @ $4.00 740 @ 400 @ $4.64 $4.30 Cost of goods sold Ending inventory $ May 3 $ 16 18 Sales Calculate the cost of goods sold and ending inventory using FIFO. FIFO $7.00 1,000 @ $7.00 260 @ 520 @ $7.50

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Description: On May 1, Blossom Company had 380 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventorysystem. All purchases and sales are on account. A record of inventory transactions for the month May for the company is as f

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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