Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: May 1 5 9 13 24 27 30 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 180 units 120 units 60 units 240 units 240 units 60 units 90 units Cost $99,000 $36,300 $158,400 $65,340 Sales $85,800 $184,800 $52,800
Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: May 1 5 9 13 24 27 30 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 180 units 120 units 60 units 240 units 240 units 60 units 90 units Cost $99,000 $36,300 $158,400 $65,340 Sales $85,800 $184,800 $52,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
a) Calculate Saddlery Company’s cost of goods sold, gross margin, and ending inventory using 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.)
b) Calculate Saddlery Company’s cost of goods sold, gross margin, and ending inventory using FIFO.
c)Calculate gross margin for both ?
solve accurately with all working and steps with explanation , computation , formula answer in text show computation for numbers thanks

Transcribed Image Text:Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The
following schedule relates to the company's inventory for the month of May:
May 1
5
9
13
24
27
30
Beginning inventory
Sale
Purchase
Purchase
Sale
Sale
Purchase
180 units
120 units
60 units
240 units
240 units
60 units
90 units
Cost
$99,000
$36,300
$158,400
$65,340
Sales
$85,800
$184,800
$52,800
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