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Calculate Larkspur Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) i. FIFO LA ii. Weighted-average $ Cost of Goods Sold +A VA Gross Margin 1A $ Ending Inventory

Calculate Larkspur Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) i. FIFO LA ii. Weighted-average $ Cost of Goods Sold +A VA Gross Margin 1A $ Ending Inventory

FINANCIAL ACCOUNTING
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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Larkspur Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 7 8 15 (a) 20 25 27 ii. Beginning inventory Purchase Purchase Sale Sale Purchase Sale i. FIFO Larkspur Company uses the perpetual inventory system. Weighted-average LA 3,840 units 1,280 units 1,920 units 4,480 units 896 units $ 640 units tA 1,536 units Cost $113,280 51,200 Calculate Larkspur Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) 96,000 Cost of Goods Sold 19,072 $ $ +A Sales $403,200 67,200 92,160 Gross Margin 19 $ +A Ending Inventory
Transcribed Image Text:Larkspur Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 7 8 15 (a) 20 25 27 ii. Beginning inventory Purchase Purchase Sale Sale Purchase Sale i. FIFO Larkspur Company uses the perpetual inventory system. Weighted-average LA 3,840 units 1,280 units 1,920 units 4,480 units 896 units $ 640 units tA 1,536 units Cost $113,280 51,200 Calculate Larkspur Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) 96,000 Cost of Goods Sold 19,072 $ $ +A Sales $403,200 67,200 92,160 Gross Margin 19 $ +A Ending Inventory
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