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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 72 units $43,704 3 Purchase 48 units 30,336 5 Sale 34 units $36,040 11 Purchase 22 units 14,322 15 Sale 52 units 22 Sale 34 units 64,012 42,262 28 Purchase 55 units 37,400 Soft Touch uses the perpetual inventory system. 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 ii. Weighted-average Cost of Goods Sold Gross Margin $ $ $ Ending Inventory
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