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Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: Cost Sales
Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: Cost Sales March 1 Beginning inventory 2,400 units $73,200 7 Purchase 800 units 32,000 8 Purchase 1,200 units 60,000 15 Sale 2,800 units $252,000 20 Sale 560 units 42,000 22 25 Purchase 400 units 12,400 27 Sale 960 units 57,600 Kingbird Company uses the periodic inventory system. (a) Calculate Kingbird 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, e.g. 10.52.) ii. FIFO Weighted-average +A LA Cost of Goods Sold +A LA Gross Margin to LA Ending Inventory
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