Teal Mountain 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 i. 15 ii. 20 25 Beginning inventory Purchase Purchase Sale Sale Purchase 27 Sale FIFO 2,940 units Weighted-average 980 units $ 1,470 units Teal Mountain Company uses the perpetual inventory system. $ 3,430 units 686 units 490 units 1,176 units Cost $86,730 39,200 73,500 Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: 14,602 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 Sales $ $308,700 $ 51,450 70,560 Gross Margin $ $ Ending Inventory
Teal Mountain 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 i. 15 ii. 20 25 Beginning inventory Purchase Purchase Sale Sale Purchase 27 Sale FIFO 2,940 units Weighted-average 980 units $ 1,470 units Teal Mountain Company uses the perpetual inventory system. $ 3,430 units 686 units 490 units 1,176 units Cost $86,730 39,200 73,500 Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: 14,602 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 Sales $ $308,700 $ 51,450 70,560 Gross Margin $ $ Ending Inventory
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 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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