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Tamarisk 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 7 Purchase 8 Purchase (a) 15 20 25 27 ii. Sale Sale Purchase Sale Tamarisk Company uses the perpetual inventory system. * Your answer is incorrect. i. FIFO 3,600 units 1,200 units 1,800 units 4,200 units 840 units 600 units 1,440 units Weighted-average Cost $106,200 48,000 90,000 $ 17,880 Calculate Tamarisk 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 O decimal places, e.g. 61,052.) Cost of Goods Sold 304,200 290,334 tA Sales +A $378,000 63,000 86,400 Gross Margin 407,200 348,066 LA $ Ending Inventory 229,200 28,254

Tamarisk 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 7 Purchase 8 Purchase (a) 15 20 25 27 ii. Sale Sale Purchase Sale Tamarisk Company uses the perpetual inventory system. * Your answer is incorrect. i. FIFO 3,600 units 1,200 units 1,800 units 4,200 units 840 units 600 units 1,440 units Weighted-average Cost $106,200 48,000 90,000 $ 17,880 Calculate Tamarisk 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 O decimal places, e.g. 61,052.) Cost of Goods Sold 304,200 290,334 tA Sales +A $378,000 63,000 86,400 Gross Margin 407,200 348,066 LA $ Ending Inventory 229,200 28,254

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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Calculate Tamarisk Company's gross margin ratio using: (Round answers to 2 decimal places, e.g. 61.05%.) i. FIFO ii. Weighted-average FIFO Weighted-average Gross Margin Ratio % de % Which cost formula produced the higher gross margin? produces the higher gross margin.
Transcribed Image Text:Calculate Tamarisk Company's gross margin ratio using: (Round answers to 2 decimal places, e.g. 61.05%.) i. FIFO ii. Weighted-average FIFO Weighted-average Gross Margin Ratio % de % Which cost formula produced the higher gross margin? produces the higher gross margin.
Tamarisk 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 Purchase Purchase (a) 7 8 15 i. 20 ii. 25 27 Sale Sale Purchase Sale * Your answer is incorrect. Tamarisk Company uses the perpetual inventory system. 3,600 units 1,200 units FIFO 1,800 units LA 4,200 units 840 units 600 units 1,440 units Weighted-average $ Cost $106,200 48,000 90,000 Calculate Tamarisk Company's cost of goods sold, gross margin, and ending inventory using: Cost of Goods Sold 17,880 i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) 304,200 290,334 Sales tA $378,000 LA 63,000 86,400 Gross Margin 407,200 348,066 tA $ LA Ending Inventory 229,200 28,254
Transcribed Image Text:Tamarisk 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 Purchase Purchase (a) 7 8 15 i. 20 ii. 25 27 Sale Sale Purchase Sale * Your answer is incorrect. Tamarisk Company uses the perpetual inventory system. 3,600 units 1,200 units FIFO 1,800 units LA 4,200 units 840 units 600 units 1,440 units Weighted-average $ Cost $106,200 48,000 90,000 Calculate Tamarisk Company's cost of goods sold, gross margin, and ending inventory using: Cost of Goods Sold 17,880 i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) 304,200 290,334 Sales tA $378,000 LA 63,000 86,400 Gross Margin 407,200 348,066 tA $ LA Ending Inventory 229,200 28,254
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