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Could someone verify and let me know if I got these right? I also don know how to get the last part. Thanks Saddlery Company
Could someone verify and let me know if I got these right? I also don know how to get the last part. Thanks
Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: Sales Cost $52,500 May 1 5 $45,500 9 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 13 150 units 100 units 50 units 200 units 200 units 50 units 75 units $19,250 $84,000 24 $98,000 $28,000 27 30 $34,650 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ $ 134750 Gross margin $ 36750 Ending Inventory $ 55650 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using weighted average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to decimal places, e.g. 61,052.) Cost of goods sold $ $ 140294 Gross margin $ 31206 Ending Inventory $ $ 50105 Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio FIFO % Weighted average % produces the higher gross marginStep by Step Solution
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