Metlock 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 7 Beginning inventory Purchase 8 Purchase 15 Sale 20 Sale 25 27 Sale Purchase 3.300 units 1.100 units 1.650 units 3.850 units 770 units 550 units 1,320 units Cost $97,350 44,000 82.500 Metlock Company uses the perpetual Inventory system. 16,390 Sales $346.500 57,750 79,200 Calculate Metlock Company's gross margin ratio using: (Round answers to 2 decimal places, eg 61.05%) L. FIFO ii. Weighted-average FIFO Weighted-average Gross Margin Ratio % % 96 Which cost formula produced the higher gross margin? produces the higher gross margin.

Metlock 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 7 Beginning inventory Purchase 8 Purchase 15 Sale 20 Sale 25 27 Sale Purchase 3.300 units 1.100 units 1.650 units 3.850 units 770 units 550 units 1,320 units Cost $97,350 44,000 82.500 Metlock Company uses the perpetual Inventory system. 16,390 Sales $346.500 57,750 79,200 Calculate Metlock Company's gross margin ratio using: (Round answers to 2 decimal places, eg 61.05%) L. FIFO ii. Weighted-average FIFO Weighted-average Gross Margin Ratio % % 96 Which cost formula produced the higher gross margin? produces the higher gross margin.

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Description: please do not image format Metlock Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company'sinventory for the month of March:March 17815Beginning inventoryPurchasePurchaseSaleSale202527 SalePurch

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 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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