Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 120 $1,200 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 470 5,880 Ending inventory 70 ? 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 $29 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) B. Last-in, First-out (LIFO) C. Weighted Average (AVG)

Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 120 $1,200 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 470 5,880 Ending inventory 70 ? 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 $29 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) B. Last-in, First-out (LIFO) C. Weighted Average (AVG)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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