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Current Attempt in Progress Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Cost
Current Attempt in Progress Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Cost Sales April 1 Beginning inventory 76 units. $45,524 3 Purchase 46 units 28,888 5 Sale 29 units $30,943 11 Purchase 23 units 14,950 15 Sale 56 units 72.576 22 Sale 37 units 42.476 28 Purchase 55 units 37.730 Soft Touch uses the periodic inventory system, Soft Touch uses the periodic inventory system. Calculate Soft Touch Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, eg. 10.52. Round answers under weighted-average to 2 decimal places, eg. 61,052.79.) i. FIFO Cost of Goods Sold Gross Margin ii. Weighted-average $ $ Ending Inventory
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