Question
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 330 units @ $ 5 =
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:
| Jan. 20 | Purchased | 330 | units | @ | $ | 5 | = | $ | 1,650 | |
| Apr. 21 | Purchased | 90 | units | @ | $ | 6 | = | 540 | ||
| July 25 | Purchased | 210 | units | @ | $ | 8 | = | 1,680 | ||
| Sept. 19 | Purchased | 80 | units | @ | $ | 10 | = | 800 | ||
During the year, The Shirt Shop sold 530 T-shirts for $15 each.
Compute the gross margin using the FIFO cost flow assumption.
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The Brand Management Audit
Authors: Mr Don Knight
1st Edition
0273649345, 978-0273649342
