Akira Company had the following transactions for the month. Number of Units Total Cost Beginning inventory 120 $1,200 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 450 5,610 Ending inventory 50 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $27 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
Akira Company had the following transactions for the month. Number of Units Total Cost Beginning inventory 120 $1,200 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 450 5,610 Ending inventory 50 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $27 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Akira Company had the following transactions for the month.
| Number of Units |
Total Cost |
|
| Beginning inventory | 120 | $1,200 |
| Purchased Mar. 31 | 180 | 2,160 |
| Purchased Oct. 15 | 150 | 2,250 |
| Total goods available for sale | 450 | 5,610 |
| Ending inventory | 50 | ? |
Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $27 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.
| Gross Margin | |
| A. First-in, First-out (FIFO) | $fill in the blank 1 |
| B. Last-in, First-out (LIFO) | $fill in the blank 2 |
| C. Weighted Average (AVG) | $fill in the blank 3 |
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