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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...
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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
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F67f915a4-572d-4d87-ac41-4446afcdecf3%2F0fe5f320-f729-45b0-9706-4481510ffb74%2F1dpz767_processed.png&w=3840&q=75)
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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