Calculate the weighted-average unit cost

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Reference no: EM132761756

Question - Blossom Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.

June 1 Purchased books on account for $2,355 (including freight) from Catlin Publishers, terms 4/10, n/30.

June 3 Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $700.

June 6 Received $55 credit for books returned to Catlin Publishers.

June 9 Paid Catlin Publishers in full.

June 15 Received payment in full from Garfunkel Bookstore.

June 17 Sold books on account to Bell Tower for $1,400, terms of 4/10, n/30. The cost of the merchandise sold was $900.

June 20 Purchased books on account for $900 from Priceless Book Publishers, terms 2/15, n/30.

June 24 Received payment in full, less discount from Bell Tower.

June 26 Paid Priceless Book Publishers in full.

June 28 Sold books on account to General Bookstore for $2,100. The cost of the merchandise sold was $950.

June 30 Granted General Bookstore $120 credit for books returned costing $90.

Journalize the transactions for the month of June for Blossom Warehouse, using a perpetual inventory system.

Buffalo Industries uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold.

Date Explanation Units Unit Cost Total Cost

May 1 Inventory 35 $9 $315

May 15 Purchase 25 10 250

May 24 Purchase 40 11 440

Total 100 $1,005

(a) Calculate the weighted-average unit cost.

(b) Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods.

Reference no: EM132761756

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