Question

Please help me with this. Thank You!

Blossom Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Transaction Quantity Price/Cost Date $18 1/1 Beginning inventory 3,300 2/4 Purchase 4,300 28 2/20 Sale 4,800 46 4/2 Purchase 5,300 35 11/4 Sale 4,500 51 (a) Your answer is correct. Calculate average-cost per unit. (Round answer to 4 decimal places, eg. 2.7613) Average-cost per unit 28.3178 eTextbook and Media (b) Compute cost of goods sold, assuming Blossom uses: (Round average cost per unit to 4 decimal places, eg. 2.7631 and final answers to 0 decimal places, eg. 6,548.) Cost of goods sold $ (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO cost flow $ Perpetual system, LIFO cost flow (d) (e) Periodic system, weighted-average cost flow $ (f) Perpetual system, moving-average cost flow

Answer 1

solution:

(a) Periodic system, FIFO cost flow $ 126000

(b) Perpetual system, FIFO cost flow $ 126000

(c) Periodic system, LIFO cost flow $ 67800

(d) Perpetual system, LIFO cost flow 67800

(e) Periodic system, weighted-average cost flow $ 29.31

(f) Perpetual system, moving-average cost flow $12.20