Please do not give solution in image format thanku Cheyenne Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 148 tents. Thisconsists of 50 tents purchased in February at a cost of $211 each and 98 tents purchased in March at a cost of $227 each. DuringApril, the company had the following purchases and sales of tents:DateApr. 310172430PurchasesUnits Unit Cost196294$276289Units76251204SalesUnit Price$418418418 Calculate Cheyenne Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1decimal place, e.g. 1.2 and gross profit to the nearest whole dollar, e.g. 5,275.)Gross profitGross profit margin

FIFO Method :— It is one of the method of inventory valuation in which it is assumed that old…

Cheyenne Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 148 tents. This consists of 50 tents purchased in February at a cost of $211 each and 98 tents purchased in March at a cost of $227 each. During April, the company had the following purchases and sales of tents:

Cheyenne Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 148 tents. This consists of 50 tents purchased in February at a cost of $211 each and 98 tents purchased in March at a cost of $227 each. During April, the company had the following purchases and sales of tents:

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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