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)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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)
Transcribed Image Text: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)
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