Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Total goods available for sale Ending inventory Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. 130 180 A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) 150 460 70 $1,300 2,160 2,250 5,710 Gross Margin ?
Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Total goods available for sale Ending inventory Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. 130 180 A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) 150 460 70 $1,300 2,160 2,250 5,710 Gross Margin ?
Chapter10: Inventory
Section: Chapter Questions
Problem 5EA: Akira Company had the following transactions for the month. Calculate the ending inventory dollar...
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![Akira Company had the following transactions for the month.
Total
Cost
Beginning inventory
Purchased Mar. 31
Number
of Units
A. First-in, First-out (FIFO)
B. Last-in, First-out (LIFO)
C. Weighted Average (AVG)
130
180
150
460
Purchased Oct. 15
Total goods available for sale
Ending inventory
Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that
all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar
amount.
70
$1,300
2,160
2,250
5,710
Gross Margin
?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F53c7060d-6ef8-42c4-9b49-b08760e0fc1d%2Faddeaa1a-ed29-44ae-bd16-86c554490cbc%2F6v5rzn8_processed.png&w=3840&q=75)
Transcribed Image Text:Akira Company had the following transactions for the month.
Total
Cost
Beginning inventory
Purchased Mar. 31
Number
of Units
A. First-in, First-out (FIFO)
B. Last-in, First-out (LIFO)
C. Weighted Average (AVG)
130
180
150
460
Purchased Oct. 15
Total goods available for sale
Ending inventory
Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that
all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar
amount.
70
$1,300
2,160
2,250
5,710
Gross Margin
?
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