Reference no: EM133058162
Question - Blossom Company uses a perpetual inventory system. The company began 2021 with 800 lamps in inventory at a cost of $10 per unit. During 2021, Blossom had the following purchases and sales of lamps:
February 15 Purchased 1,600 units @ $16 per unit
April 24 Sold 2,000 units @ $28 per unit
June 6 Purchased 2,800 units @ $21 per unit
October 18 Sold 1,600 units @ $31 per unit
December 4 Purchased 1,120 units @ $24 per unit
All purchases and sales are on account.
Calculate the cost of goods sold and ending inventory using weighted average.
Prepare journal entries to record the June 6 purchase and the October 18 sale.
Calculate gross profit for the year.
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