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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 | 75 units | $45,150 | |||||
3 | Purchase | 50 units | 30,850 | |||||
5 | Sale | 34 units | $38,624 | |||||
11 | Purchase | 27 units | 17,631 | |||||
15 | Sale | 51 units | 60,588 | |||||
22 | Sale | 40 units | 50,280 | |||||
28 | Purchase | 48 units | 32,208 |
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 decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory $ $ GA i. FIFO $ $ $ ii. Weighted averageStep by Step Solution
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