During April, Bloom Garden Supply Company experienced the following business events. The company uses the periodic inventory system.1)April 4 Purchased $10,000 of merchandise on account, terms 1/10, n/30, FOB shipping point.2)April 5 Paid shipping cost of $1,100 on the April 4 purchase.3)April 6 Returned $1,200 of the merchandise purchased on April 4.4)April 7 Sold merchandise for $5,800 on account, terms 2/10, n/30, FOB Destination.5)April 7 Paid the shipping cost of $350 on the previous sale.6)April 10 Recorded the discount and paid the amount due from the purchase of merchandise on April 4.7)April 28 Sold merchandise for $7,200 cash.Required:a)Bloom's beginning inventory balance for April was $35,000. A physical count of inventory on April 30 revealed $33,600 of merchandise on hand. Calculate Bloom's cost of goods available for sale and cost of goods sold for April.

Question

Quizplus · Accepted Answer

The Answer of During April, Bloom Garden Supply Company experienced the following business events. The company uses the periodic inventory system.1)April 4 Purchased $10,000 of merchandise on account, terms 1/10, n/30, FOB shipping point.2)April 5 Paid shipping cost of $1,100 on the April 4 purchase.3)April 6 Returned $1,200 of the merchandise purchased on April 4.4)April 7 Sold merchandise for $5,800 on account, terms 2/10, n/30, FOB Destination.5)April 7 Paid the shipping cost of $350 on the previous sale.6)April 10 Recorded the discount and paid the amount due from the purchase of merchandise on April 4.7)April 28 Sold merchandise for $7,200 cash.Required:a)Bloom's beginning inventory balance for April was $35,000. A physical count of inventory on April 30 revealed $33,600 of merchandise on hand. Calculate Bloom's cost of goods available for sale and cost of goods sold for April.

During April, Bloom Garden Supply Company Experienced the Following Business