Blossom Company is a retailer operating in Calgary, Alberta. Blossom uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Blossom for the month of January 2022.

Date		Description		Quantity		Unit Cost or Selling Price
Dec. 31		Ending inventory		160		$20
Jan. 2		Purchase		96		22
Jan. 6		Sale		180		39
Jan. 9		Purchase		76		24
Jan. 10		Sale		56		45
Jan. 23		Purchase		114		25
Jan. 30		Sale		140		48

(a1)

Correct answer icon

Your answer is correct.

Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.)

Jan. 1		$enter a dollar amount
Jan. 2		$enter a dollar amount
Jan. 6		$enter a dollar amount
Jan. 9		$enter a dollar amount
Jan. 10		$enter a dollar amount
Jan. 23		$enter a dollar amount
Jan. 30		$enter a dollar amount

eTextbook and Media

List of Accounts

Attempts: 3 of 8 used

Question Part Score

1.4/1.4

(a2)

For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.)

(1)		LIFO.
(2)		FIFO.
(3)		Moving-average.

		LIFO		FIFO		Moving-average
Cost of goods sold		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Ending inventory		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Gross profit		$enter a dollar amount