Wilson Company sells a single product. At the beginning of the year, Wilson had 150 units in

Question:

Wilson Company sells a single product. At the beginning of the year, Wilson had 150 units in stock at a cost of $8 each. During the year, Wilson purchased 825 more units at a cost of $8 each and sold 240 units at $13 each, 210 units at $15 each, and 335 units at $14 each.
Required:
1. Using the cost of goods sold model, what is the amount of and cost of goods sold?
2. What is Wilson’s gross margin for the year? Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...