The following inventory transactions took place for Blossom Corporation for the month of May: Cost/ Selling Price Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 Event beginning inventory purchase purchase sale sale purchase purchase sale Quantity 2,500 4,500 3,000 5,000 3,000 3,000 3,000 5,000 $3.10 3.30 3.40 6.10 6.10 3.60 3.60 6.10 Calculate the ending inventory balance for Blossom Corporation, assuming the company uses a perpetual system and the moving-average cost formula. (Round unit costs to 2 decimal places, e.g. 52.75 and final a decimal places, e.g. 5,275.) Ending inventory $
The following inventory transactions took place for Blossom Corporation for the month of May: Cost/ Selling Price Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 Event beginning inventory purchase purchase sale sale purchase purchase sale Quantity 2,500 4,500 3,000 5,000 3,000 3,000 3,000 5,000 $3.10 3.30 3.40 6.10 6.10 3.60 3.60 6.10 Calculate the ending inventory balance for Blossom Corporation, assuming the company uses a perpetual system and the moving-average cost formula. (Round unit costs to 2 decimal places, e.g. 52.75 and final a decimal places, e.g. 5,275.) Ending inventory $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The following inventory transactions took place for Blossom Corporation for the month of May:
Cost/
Selling
Price
Date
May 1
May 5
May 10
May 15
May 20
May 22
May 24
May 25
Event
beginning inventory
purchase
purchase
sale
sale
purchase
purchase
sale
Quantity
2,500
4,500
3,000
5,000
3,000
3,000
3,000
5,000
$3.10
3.30
3.40
6.10
6.10
3.60
3.60
6.10
Calculate the ending inventory balance for Blossom Corporation, assuming the company uses a perpetual inventory
system and the moving-average cost formula. (Round unit costs to 2 decimal places, e.g. 52.75 and final answer to 0
decimal places, e.g. 5,275.)
Ending inventory
$
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