Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company'sinventory for the month of March:March 1(a)7815i.20ii.2527Beginning inventoryPurchasePurchaseSaleSalePurchaseSale* Your answer is incorrect.Kingbird Company uses the periodic inventory system.FIFO3,780 units1,260 unitsWeighted-average1,890 units$4,410 units$882 units630 units1,512 unitsCost$115,290Calculate Kingbird Company's cost of goods sold, gross margin, and ending inventory using:50,400i. FIFOii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52.)Cost of Goods Sold94,50019,530250,110248,724Sales$$396,90066,150$90,720Gross Margin303,660305,046$$tAEnding Inventory25,07426,460

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Description: Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company'sinventory for the month of March:March 1(a)7815i.20ii.2527Beginning inventoryPurchasePurchaseSaleSalePurchaseSale* Your answer i

FIFO Method - This is the method of inventory valuation in which company uses inventory for…

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Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 Beginning inventory (a) 7 8 15 i. 20 ii. 25 27 Purchase Purchase Sale Sale Purchase Sale * Your answer is incorrect. Kingbird Company uses the periodic inventory system. 3,780 units 1,260 units FIFO 1,890 units $ 4,410 units Weighted-average $ 882 units 630 units 1,512 units Cost $115,290 50,400 94,500 Calculate Kingbird Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52.) 19,530 Cost of Goods Sold 250,110 248,724 Sales $ $396,900 66,150 $ 90,720 Gross Margin 303,660 305,046 $ $ Ending Inventory 25,074 26,460

Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 Beginning inventory (a) 7 8 15 i. 20 ii. 25 27 Purchase Purchase Sale Sale Purchase Sale * Your answer is incorrect. Kingbird Company uses the periodic inventory system. 3,780 units 1,260 units FIFO 1,890 units $ 4,410 units Weighted-average $ 882 units 630 units 1,512 units Cost $115,290 50,400 94,500 Calculate Kingbird Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52.) 19,530 Cost of Goods Sold 250,110 248,724 Sales $ $396,900 66,150 $ 90,720 Gross Margin 303,660 305,046 $ $ Ending Inventory 25,074 26,460

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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