On May 1, Blossom Company had 400 units of inventory on hand, at a cost...
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Accounting
On May 1, Blossom Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: Purchases Sales May 4 1,500 @ $4.00 May 3 280 $7.00 14 720 @ $4.30 16 1.100 $7.00 29 500 $4.64 18 520 @ $7.50 Your answer is correct. Calculate the cost of goods sold and ending inventory using FIFO. FIFO Cost of goods sold $ 7600 Findicator LA May 16 Cost of Goods Sold 4500 Merchandise Inventory 4500 (To record cost of goods sold.) e Textbook and Media Assistance Used e Textbook List of Accounts Your answer is incorrect Calculate gross profit for May Gross profit $ 5980
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