Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to Grouper Back Falls Ltd.s inventory transactions during the month of February. Units Cost/Unit Amount Feb. 1 Beginning inventory 6,900 $25.00

The following information relates to Grouper Back Falls Ltd.s inventory transactions during the month of February.

Units Cost/Unit Amount
Feb. 1 Beginning inventory 6,900 $25.00 $172,500
10 Sale 5,980
14 Purchase 3,680 $26.00 $95,680
18 Purchase 460 $28.00 $12,880
25 Sale 3,680
26 Purchase 3,680 $37.00 $136,160
28 Sale 2,668

All of the units sold were priced at $87.00 per unit.

Calculate Grouper Backs cost of goods sold, gross margin, and ending inventory for the month of February using 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 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Design a training session to maximize learning. page 309

Answered: 1 week ago