Larkspur Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company'sinventory for the month of March:March 1 Beginning inventory7PurchasePurchase8(a)15202527SaleSalePurchaseSalei. FIFOii. Weighted-averageLarkspur Company uses the perpetual inventory system.+A$3,180 units1,060 units+A1,590 units3,710 units742 units$530 units1,272 unitsCost$93,81042,40079,50015,794Calculate Larkspur Company's cost of goods sold, gross margin, and ending inventory using:i. FIFOii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g.61,052.)Cost of Goods Sold$tAVASales$$333,90055,65076,320Gross MargintAtA$Ending Inventory

Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

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 (a) 15 20 i. 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale Larkspur Company uses the perpetual inventory system. FIFO ii. Weighted-average 3,180 units 1,060 units 1,590 units 3,710 units 742 units 530 units 1,272 units $ Cost $93,810 42,400 79,500 $ 15,794 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.) Cost of Goods Sold $ +A $ Sales GA $333,900 55,650 76,320 Gross Margin $ Ending Inventory

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 (a) 15 20 i. 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale Larkspur Company uses the perpetual inventory system. FIFO ii. Weighted-average 3,180 units 1,060 units 1,590 units 3,710 units 742 units 530 units 1,272 units $ Cost $93,810 42,400 79,500 $ 15,794 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.) Cost of Goods Sold $ +A $ Sales GA $333,900 55,650 76,320 Gross Margin $ Ending Inventory

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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