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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: Cost Sales March 1 Beginning inventory 3,840 units $113,280 7 Purchase 1,280 units 51,200 8 Purchase 1,920 units 96,000

Larkspur Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: Cost Sales March 1 Beginning inventory 3,840 units $113,280 7 Purchase 1,280 units 51,200 8 Purchase 1,920 units 96,000

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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Current Attempt in Progress Larkspur Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: Cost Sales March 1 Beginning inventory 3,840 units $113,280 7 Purchase 1,280 units 51,200 80 Purchase 1,920 units 96,000 15 Sale 4,480 units $403,200 20 Sale 896 units 67,200 25 Purchase 640 units 19,072 27 Sale 1,536 units 92,160 Larkspur Company uses the perpetual inventory system. (a) 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 Cost of Goods Sold Gross Margin Ending Inventory $ $ $ ji. Weighted-average $ $ $
Transcribed Image Text:Current Attempt in Progress Larkspur Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: Cost Sales March 1 Beginning inventory 3,840 units $113,280 7 Purchase 1,280 units 51,200 80 Purchase 1,920 units 96,000 15 Sale 4,480 units $403,200 20 Sale 896 units 67,200 25 Purchase 640 units 19,072 27 Sale 1,536 units 92,160 Larkspur Company uses the perpetual inventory system. (a) 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 Cost of Goods Sold Gross Margin Ending Inventory $ $ $ ji. Weighted-average $ $ $
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