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Blossom Company began the year with 9 units of marine floats at a cost of $10 each. During the year, it made the following purchases: May 5, 24 unit at $16; July 16, 19 units at $20; and December 7, 24 units at $23. Assume there are 28 units on hand at the end of the period. Blossom uses the periodic approach.
Problem 1: Determine the cost of goods sold under LIFO.
Problem 2: Calculate average unit cost. (Round answer to 2 decimal places, e.g. 5.12.)
Problem 3: Determine the cost of goods sold under average-cost.
Financial Statement Analysis and Preparation
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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