Question
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
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 75 units $45,300 3 Purchase 50 units 31,450 5 Sale 32 units $35,104 11 Purchase 24 units 15,672 15 Sale 49 units 61,936 22 Sale 44 units 52,756 28 Purchase 47 units 32,054 Soft Touch uses the perpetual inventory system. (a) 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, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) i. FIFO Cost of Goods Sold Gross Margin $ ii. Weighted-average $ $ $ Ending Inventory ( 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 75 units $45,300 3 Purchase 50 units 31,450 5 Sale 32 units $35,104 11 Purchase 24 units 15,672 15 Sale 49 units 61,936 22 Sale 44 units 52,756 28 Purchase 47 units 32,054 Soft Touch uses the perpetual inventory system. (a) 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, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) i. FIFO Cost of Goods Sold Gross Margin $ ii. Weighted-average $ $ $ Ending Inventory (
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