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Caring Hands Ltd. is a retailer specializing in hand care products. The company donates twenty percent of its profits to local charities. Caring Hands uses
Caring Hands Ltd. is a retailer specializing in hand care products. The company donates twenty percent of its profits to local charities. Caring Hands uses the periodic inventory system and the following limited information relates to Caring Hands Ltd. 's inventory transactions during the month of May: Date Units Cost/Unit Amount May 1 Beginning Inventory 7,900 $ 34 $ 268,600 5 Sale 3,600 13 Purchase 1,500 $ 41 $61,500 17 Purchase 800 $ 42 $33,600 20 Sale 3,500 28 Purchase 2,500 $ 47 $ 117,500 30 Sale 4,000 Units sold were priced at $ 60. Calculate Caring Hands' cost of goods sold, gross margin, and ending inventory for the month of May using FIFO. Cost of Goods Sold $ Gross Margin TA $ Ending Inventory $ Calculate Caring Hands' cost of goods sold, gross margin, and ending inventory for the month of May using weighted average. (Round calculations for cost per unit to 3 decimal places, eg. 10.521 and final answers to decimal places, eg. 61,051.) Cost of Goods Sold $ Gross Margin $ Ending Inventory $ $
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