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)781520ii.2527Beginning inventoryPurchasePurchaseSaleSalePurchaseSalei. FIFO3,120 units1,040 unitsWeighted-average1,560 units$3,640 units728 units520 units1,248 unitsKingbird Company uses the perpetual inventory system.Cost$92,04041,60078,00015,496Calculate Kingbird Company's cost of goods sold, gross margin, and ending inventory using:i. FIFOii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimalplaces, e.g. 61,052.)$327,600Cost of Goods SoldSales$54,600tA74,880Gross Margin$Ending Inventory

Name: Kingbird Company sells discounted shoes to the fashion-oriented consu
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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)781520ii.2527Beginning inventoryPurchasePurchaseSaleSalePurchaseSalei. FIFO3,120 unit

FIFO is first in first out which means inventory bought first is sold first.Inventory means the…

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Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the inventory for the month of March: March 1 Beginning inventory 7 (a) 8 15 20 25 Purchase Purchase Sale Sale Purchase 27 Sale 3,120 units 1,040 units. 1,560 units 3,640 units 728 units 520 units 1,248 units Cost $92,040 41,600 78,000 15,496 Kingbird Company uses the perpetual inventory system. Sales $327,600 Cost of Goods Sold 54,600 74,880 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 and final answers to 0 decimal places, e.g. 61,052.) Gross Margin Ending Inventory

Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the inventory for the month of March: March 1 Beginning inventory 7 (a) 8 15 20 25 Purchase Purchase Sale Sale Purchase 27 Sale 3,120 units 1,040 units. 1,560 units 3,640 units 728 units 520 units 1,248 units Cost $92,040 41,600 78,000 15,496 Kingbird Company uses the perpetual inventory system. Sales $327,600 Cost of Goods Sold 54,600 74,880 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 and final answers to 0 decimal places, e.g. 61,052.) Gross Margin Ending Inventory

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 4EB: The following is selected information from Orange Industries. Compute net purchases, and cost of...

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