Solution-Calculate the cost of goods sold and ending

Calculate the cost of goods sold and ending inventory

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Reference no: EM133065287

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.

Required -

1. Calculate the cost of goods sold and ending inventory using weighted average.

2. Prepare journal entries to record the June 6 purchase and the October 18 sale.

3. Calculate gross profit for the year.

Reference no: EM133065287

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Calculate the cost of goods sold and ending inventory

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Reference no: EM133065287

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