Metlock 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 Beginning inventory Purchase 8 Purchase 15 Sale 20 Sale 25 27 Sale Purchase 3.300 units 1.100 units 1.650 units 3.850 units 770 units 550 units 1,320 units Cost $97,350 44,000 82.500 Metlock Company uses the perpetual Inventory system. 16,390 Sales $346.500 57,750 79,200 Calculate Metlock Company's gross margin ratio using: (Round answers to 2 decimal places, eg 61.05%) L. FIFO ii. Weighted-average FIFO Weighted-average Gross Margin Ratio % % 96 Which cost formula produced the higher gross margin? produces the higher gross margin.

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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.