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Akira Company had the following transactions for the month. Number of Units Total Cost Beginning inventory 150 $1,500 Purchased Mar. 31 180 2,160 Purchased Oct.
Akira Company had the following transactions for the month.
Number of Units | Total Cost | |
Beginning inventory | 150 | $1,500 |
Purchased Mar. 31 | 180 | 2,160 |
Purchased Oct. 15 | 150 | 2,250 |
Total goods available for sale | 480 | 5,910 |
Ending inventory | 50 | ? |
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 $27 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.
Gross Margin | |
A. First-in, First-out (FIFO) | ? |
B. Last-in, First-out (LIFO) | ? |
C. Weighted Average (AVG) | ? |
What is A B and C?
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