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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 3,180 units $96,990 7 Purchase 1,060 units 42,400 8 Purchase 1,590 units 79,500 15 Sale 3.710 units $333,900 20 Sale 742 units 55,650 25 Purchase 530 units 16,430 27 Sale 1,272 units 76,320 Larkspur Company uses the periodic 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.) Cost of Goods Sold $ 1. FIFO II. Weighted- $ average $ 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: Cost Sales March 1 Beginning inventory 3,180 units $96,990 7 Purchase 1,060 units 42,400 8 Purchase 1,590 units 79,500 15 Sale 3.710 units $333,900 20 Sale 742 units 55,650 25 Purchase 530 units 16,430 27 Sale 1,272 units 76,320 Larkspur Company uses the periodic 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.) Cost of Goods Sold $ 1. FIFO II. Weighted- $ average $ Gross Margin 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: Cost Sales March 1 Beginning inventory 3,180 units $96,990 7 Purchase 1,060 units 42,400 8 Purchase 1,590 units 79,500 15 Sale 3.710 units $333,900 20 Sale 742 units 55,650 25 Purchase 530 units 16,430 27 Sale 1,272 units 76,320 Larkspur Company uses the periodic 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.) Cost of Goods Sold $ 1. FIFO II. Weighted- $ average $ Gross Margin 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: Cost Sales March 1 Beginning inventory 3,180 units $96,990 7 Purchase 1,060 units 42,400 8 Purchase 1,590 units 79,500 15 Sale 3.710 units $333,900 20 Sale 742 units 55,650 25 Purchase 530 units 16,430 27 Sale 1,272 units 76,320 Larkspur Company uses the periodic 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.) Cost of Goods Sold $ 1. FIFO II. Weighted- $ average $ Gross Margin Ending Inventory $ $
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