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Soft Touch Company sells leather furniture. The following schedule relates to the companys inventory for the month of April: Cost Sales April 1 Beginning inventory
Soft Touch Company sells leather furniture. The following schedule relates to the companys inventory for the month of April:
Cost | Sales | |||||||
April 1 | Beginning inventory | 72 units | $42,768 | |||||
3 | Purchase | 48 units | 30,192 | |||||
5 | Sale | 27 units | $29,538 | |||||
11 | Purchase | 24 units | 15,600 | |||||
15 | Sale | 59 units | 71,803 | |||||
22 | Sale | 34 units | 39,916 | |||||
28 | Purchase | 52 units | 35,308 |
Soft Touch uses the perpetual inventory system.
Calculate Soft Touch Companys 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 0 decimal places, e.g. 61,052.)
Cost of Goods Sold | Gross Margin | Ending Inventory | ||||||
i. | FIFO | $ | $ | $ | ||||
ii. | Weighted-average | $ | $ | $ |
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