# om/courses/29482/assignments/32415066Question 1View PoliciesCurrent Attempt in ProgressBlossom Company had a beginning inventory balance on July 1 of 430 units at a cost of \$2.90 each. During the monththe following inventory transactions took place:PurchasesSalesCost perPrice perUnitsDateunitDateunitUnits\$3.00\$5.90310July 101,480July 21,0405.90113.20136703.40285606.6062027Calculate the cost of goods available for sale and the number of units of ending inventory.\$Cost of goods available for saleunitsNumber of units of ending inventoryLO

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Asked Nov 13, 2019
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1)Calculate the cost of goods available for sale and the number of units of ending inventory.

2)Assume blossom use FIFO periodic.Calculate the cost of ending inventory, cost of the goods sold,and gross profit.

3)prepared journal entries to record the July 10 purchase and the July 11 sales using FIFO periodic and FIFO perpetual. Assume both the sales and purchase were for cash

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## Expert Answer

Step 1

1)

Calculation of cost of goods available for sales and number of units of ending inventory:

Step 2

Results of formulas used in excel sheet is as follows:

Thus, the cost of goods available for sales is \$9,939 and number of units of ending inventory is 1,290 units.

Step 3

2) Calculation of cost of ending inventory, cost of good...

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