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 | 150 units | $52,500 | |||||
| 5 | Sale | 100 units | $45,500 | |||||
| 9 | Purchase | 50 units | $19,250 | |||||
| 13 | Purchase | 200 units | $84,000 | |||||
| 24 | Sale | 200 units | $98,000 | |||||
| 27 | Sale | 50 units | $28,000 | |||||
| 30 | Purchase | 75 units | $34,650 |
Please identify the COGS, Gross margin, Gross Margin ratio and ending inventory using weighted average.
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Essentials Of Accounting
Authors: Robert N. Anthony, Leslie Pearlman Breitner
9th Edition
013149693X, 9780131496934
