Question
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 perpetual 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 | 7,400 | $ 36 | $ 266,400 | ||||
5 | Sale | 3,600 | ||||||
13 | Purchase | 1,600 | $ 43 | $ 68,800 | ||||
17 | Purchase | 800 | $ 44 | $ 35,200 | ||||
20 | Sale | 3,300 | ||||||
28 | Purchase | 2,600 | $ 49 | $ 127,400 | ||||
30 | Sale | 4,000 |
Units sold were priced at $ 54.
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 | $ | |
Ending Inventory | $ |
eTextbook and Media
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 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.)
Cost of Goods Sold | $ | |
Gross Margin | $ | |
Ending Inventory | $ |
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