Please help me solve it ### Inventory and Cost of Goods Sold CalculationThis table outlines the calculation of the cost of goods sold (COGS), ending inventory, and gross margin for A76 Company, using the perpetual weighted average method. The process is depicted through a series of transactions including sales and purchases.**Summary of Transactions:**1. **Beginning Inventory:** 260 units at $130 each - Sales: 160 units at $170 each - Purchases: 500 units at $133 each - Sales: 400 units at $172 each - Purchases: 420 units at $140 each - Sales: 370 units at $204 each - Ending Inventory: 250 units---**Detailed Breakdown:**- **Cost of Goods Purchased:** - Initial purchase of 500 units at $133, totaling $66,500 - Subsequent purchase of 420 units at $140, totaling $58,800 - **Total Purchases:** $125,300- **Cost of Goods Sold:** - Sale of 160 units at $130, costing $20,800 - Sale of 400 units at an average cost of $132.50, costing $53,000- **Cost of Inventory Remaining:** - After the initial sale, 260 units remain at the beginning cost of $130, totaling $33,800---**Financial Calculations:**- **Total COGS:** Not filled in the table. To calculate, sum the total costs from all sales: - $20,800 + $53,000 = $73,800**Gross Margin Calculation:**1. **Sales Revenue**: - Total revenue from sales transactions, not completed in the table.2. **Cost of Goods Sold (COGS):** $73,8003. **Gross Margin:** - The difference between total sales revenue and COGS. This value is to be calculated based on total sales revenue minus $73,800.This structured approach to tracking perpetual inventory provides a methodical way to evaluate COGS, ending inventory, and gross margin, vital for financial statements and strategic decision-making.

Cost of goods purchased Cost of goods sold Cost of InventoryRemaining Units Unit cost…

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round "Unit Cost" answers to 2 decimal places and other answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning Inventory 260 $130 Sold 160 $170 Purchased 500 133 Sold 400 172 Purchased 420 140 Sold 370 204 Ending Inventory 250

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round "Unit Cost" answers to 2 decimal places and other answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning Inventory 260 $130 Sold 160 $170 Purchased 500 133 Sold 400 172 Purchased 420 140 Sold 370 204 Ending Inventory 250

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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