Marin 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 Beginning inventory 2,520 units Purchase 8440 units Purchase 1,260 units 7 8 15 20 25 27 Sale Sale Purchase Sale 2,940 units 588 units. 420 units 1,008 units Cost $74,340 33,600 63.000 12,516 Sales $264,600 44,100 60.480

Marin 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 Beginning inventory 2,520 units Purchase 8440 units Purchase 1,260 units 7 8 15 20 25 27 Sale Sale Purchase Sale 2,940 units 588 units. 420 units 1,008 units Cost $74,340 33,600 63.000 12,516 Sales $264,600 44,100 60.480

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Description: Please do not give solution in image format thanku Marin Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventoryfor the month of March:March 17815202527Beginning inventory 2,520 units

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Please do not give solution in image format thanku

Marin 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
20
25
27
Beginning inventory 2,520 units
Purchase
80 units
1,260 units
Purchase
Sale
Sale
Purchase
Sale
2,940 units
588 units
420 units
1,008 units
Cost
$74,340
33,600
63,000
12,516
Sales
$264,600
44,100
60,480

Marin Company uses the perpetual inventory system.
(a)
Calculate Marin 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 0 decimal places, e.g.
61,052.)
i.
ii.
FIFO
Weighted-average
$
$
Cost of Goods Sold
$
Gross Margin
$
$
h
Ending Inventory

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