Question
Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the companys inventory for
Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the companys inventory for the month of May: Cost Sales May 1 Beginning inventory 180 units $99,000 5 Sale 120 units $85,800 9 Purchase 60 units $36,300 13 Purchase 240 units $158,400 24 Sale 240 units $184,800 27 Sale 60 units $52,800 30 Purchase 90 units $65,340 (a1) Calculate Saddlery Companys cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $? Gross margin $ ? Ending Inventory $ ?
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