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Larkspur 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
Larkspur 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 3,180 units $93,810 7 Purchase 1,060 units 42,400 00 8 Purchase 1,590 units 79,500 15 Sale 3,710 units $333,900 20 Sale 742 units 55,650 25 Purchase 530 units 15,794 27 Sale 1,272 units 76,320 Larkspur Company uses the perpetual inventory system. (a) Calculate Larkspur Company's cost of goods sold, gross margin, and ending inventory using: Ending Inventory ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052) i. FIFO i. FIFO ii. Weighted-average Cost of Goods Sold to +A +A Gross Margin +A +A $
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i FIFO 1 Calculate Cost of Goods Sold COGS Beginning Inventory 1060 units 7 7420 Purchases 1590 unit...Get Instant Access to Expert-Tailored Solutions
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