Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 150 $1,500 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 480 5,910 Ending inventory 60 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 $26 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) $1 B. Last-in, First-out (LIFO) $1 C. Weighted Average (AVG)
Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 150 $1,500 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 480 5,910 Ending inventory 60 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 $26 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) $1 B. Last-in, First-out (LIFO) $1 C. Weighted Average (AVG)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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