Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. additional problem 6 the following inventory trans

Additional Problem 6 The following inventory transactions took place for Blossom Ltd. for the year...

70.2K

Verified Solution

Question

Accounting

image
Additional Problem 6 The following inventory transactions took place for Blossom Ltd. for the year ended December 31, 2017: Cost/ Selling Date Jan 1 opening inventory 20,000 $45.00 Jan 5 sale Feb 15 purchase Mar 10 purchase May 20 sale Aug 22 purchase Sep 12 sale Nov 24 purchase Dec 5 sale Event Quantity Price 6,000 76.00 35,000 40.00 10,000 48.00 42,000 76.00 14,000 43.00 20,000 76.00 10,000 48.00 16,000 76.00 Calculate the ending inventory balance for Blossom Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out 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 Unit cost of the last item sold

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students