it is a practice questions i need help Calculate Tamarisk Company's gross margin ratio using: (Round answers to 2 decimal places, e.g. 61.05%.)i. FIFOii. Weighted-averageFIFOWeighted-averageGross Margin Ratio%de%Which cost formula produced the higher gross margin?produces the higher gross margin. Tamarisk Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company'sinventory for the month of March:March 1 Beginning inventoryPurchasePurchase(a)7815i.20ii.2527SaleSalePurchaseSale* Your answer is incorrect.Tamarisk Company uses the perpetual inventory system.3,600 units1,200 unitsFIFO1,800 unitsLA4,200 units840 units600 units1,440 unitsWeighted-average $Cost$106,20048,00090,000Calculate Tamarisk Company's cost of goods sold, gross margin, and ending inventory using:Cost of Goods Sold17,880i. FIFOii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g.61,052.)304,200290,334SalestA$378,000LA63,00086,400Gross Margin407,200348,066tA$LAEnding Inventory229,20028,254

Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Tamarisk 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 7 Purchase 8 Purchase (a) 15 20 25 27 ii. Sale Sale Purchase Sale Tamarisk Company uses the perpetual inventory system. * Your answer is incorrect. i. FIFO 3,600 units 1,200 units 1,800 units 4,200 units 840 units 600 units 1,440 units Weighted-average Cost $106,200 48,000 90,000 $ 17,880 Calculate Tamarisk 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 O decimal places, e.g. 61,052.) Cost of Goods Sold 304,200 290,334 tA Sales +A $378,000 63,000 86,400 Gross Margin 407,200 348,066 LA $ Ending Inventory 229,200 28,254

Tamarisk 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 7 Purchase 8 Purchase (a) 15 20 25 27 ii. Sale Sale Purchase Sale Tamarisk Company uses the perpetual inventory system. * Your answer is incorrect. i. FIFO 3,600 units 1,200 units 1,800 units 4,200 units 840 units 600 units 1,440 units Weighted-average Cost $106,200 48,000 90,000 $ 17,880 Calculate Tamarisk 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 O decimal places, e.g. 61,052.) Cost of Goods Sold 304,200 290,334 tA Sales +A $378,000 63,000 86,400 Gross Margin 407,200 348,066 LA $ Ending Inventory 229,200 28,254

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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