Course Hero Search and extract content Q Expert Help Study Resources Thank you for your feedback! Your question Subject Financial Accounting Course, ACC 557 Submit Answer Attempts: 0 of 3 used Save for Later Answer from your whom Report this answer eTextbook and Media $ 1. Cost of Goods Available for Sale To determine the cost of goods available for sale, we need to sum up the costor the bed hgiftrenoly and all the parch made during the year Beginning Inventory: 105 units @ $7 - $735 Feb 20: 600 units @ $5 - $4 800 May 5: 190 units @ $9 - 91710 $ jessafaller 1125 Active 3 minutes ago Adjustments to reconcile net income to Average Costperutic To calculate the average dost per unit. we needs o divide the cost of goods available for the total number of units: Average Cost per Unit- Costof Goods Available for Sale / Total Units Total Units = Beginning Inventory + Purchases Total Units - 105 + 600 - 190 - 390 + 100 -1,385 Statement of Cash Flows-Indirect Method ) 18 9$ + 986 4 / ska dis - Hun jedisog poctony Blossom Company 3. Ending Inventory ania Cost of Goods FIFO Method amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Compute net cash provided by operating activities using the indirect method, assuming that net income is $190,000. (Show apun Cost of Go receivable decreased $75,700, prepaid expenses increased $26,400, and inventories increased $43,500. The comparative balance sheets for Blossom Company show these changes in noncash current asset accounts: accounts LIFO Method Under the LIFO method, we assume that the last units purchased are the first bries sold Therefore, the Current Attempt in Progress based on the cost of the earliest purchases. Cost at Goods Sold 105 unite @ $7 - 495 units @ $8 - $4.155 View Policies 100 units @ $11 + (390 units @ $10 + 95 units @ $9) -$4,225 > Question 8 of 10 Under the ave assume that all units have the same cost, which is the average cost per unit. Costof Goods Sold - 1,280 Inits @ $8 84 - $11 315.20 Week 9 - Homework: Chapter 12