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The following information relates to Glassworks Ltd's inventory transactions during the month of July. Units Cost/Unit Amount July 1 Beginning inventory 3,800 $12.00 $45,600 4
The following information relates to Glassworks Ltd's inventory transactions during the month of July. Units Cost/Unit Amount July 1 Beginning inventory 3,800 $12.00 $45,600 4 Purchase 6,200 $12.50 77,500 8 Sale 6,600 14 Sale 1,600 22 22 Purchase 4,570 $12.70 58,039 28 Sale 2,720 All of the units sold were priced at $18 per unit. Glassworks Ltd. uses the perpetual inventory system. Calculate Glassworks' cost of goods sold, gross margin, and ending inventory for the month of July using: i. FIFO ii. weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to O decimal places, e.g. 61,052.) i. FIFO Cost of Goods Sold $ $ ii. Weighted-average Gross Margin 182644 $ LA $ 13916 +A $ Ending Inventory 46355
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