Teal Mountain Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: Cost Sales March 1 Beginning inventory 3,660 units $107,970 7 Purchase 1,220 units 48,800 8 Purchase 1,830 units 91,500 15 Sale 4,270 units $384,300 20 Sale 854 units 64,050 25 Purchase 610 units 18,178 27 Sale 1,464 units 87,840 Teal Mountain Company uses the perpetual inventory system. (a) Calculate Teal Mountain 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.) i. FIFO Weighted-average Cost of Goods Sold Gross Margin Ending Inventory
Teal Mountain Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: Cost Sales March 1 Beginning inventory 3,660 units $107,970 7 Purchase 1,220 units 48,800 8 Purchase 1,830 units 91,500 15 Sale 4,270 units $384,300 20 Sale 854 units 64,050 25 Purchase 610 units 18,178 27 Sale 1,464 units 87,840 Teal Mountain Company uses the perpetual inventory system. (a) Calculate Teal Mountain 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.) i. FIFO Weighted-average Cost of Goods Sold Gross Margin Ending Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Teal Mountain Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's
inventory for the month of March:
Cost
Sales
March 1
Beginning inventory
3,660 units
$107,970
7
Purchase
1,220 units
48,800
8
Purchase
1,830 units
91,500
15
Sale
4,270 units
$384,300
20
Sale
854 units
64,050
25
Purchase
610 units
18,178
27
27
Sale
1,464 units
87,840
Teal Mountain Company uses the perpetual inventory system.
(a)
Calculate Teal Mountain 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.)
i.
FIFO
Weighted-average
Cost of Goods Sold
Gross Margin
Ending Inventory
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F72cede1d-7ef8-4aca-ae39-a9e897dbdb97%2Fb75a338d-14cd-45b1-86b0-084bd183298b%2Fjynlm2t_processed.png&w=3840&q=75)
Transcribed Image Text:Teal Mountain Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's
inventory for the month of March:
Cost
Sales
March 1
Beginning inventory
3,660 units
$107,970
7
Purchase
1,220 units
48,800
8
Purchase
1,830 units
91,500
15
Sale
4,270 units
$384,300
20
Sale
854 units
64,050
25
Purchase
610 units
18,178
27
27
Sale
1,464 units
87,840
Teal Mountain Company uses the perpetual inventory system.
(a)
Calculate Teal Mountain 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.)
i.
FIFO
Weighted-average
Cost of Goods Sold
Gross Margin
Ending Inventory
$
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