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: March 1 (a) 7 8 i. 15 ii. 20 25 Beginning inventory Purchase Purchase Sale Sale Purchase 27 Sale FIFO 2,940 units Weighted-average 980 units $ 1,470 units Teal Mountain Company uses the perpetual inventory system. $ 3,430 units 686 units 490 units 1,176 units Cost $86,730 39,200 73,500 Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: 14,602 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 Sales $ $308,700 $ 51,450 70,560 Gross Margin $ $ Ending Inventory

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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:
March 1
(a)
7
8
i.
15
ii.
20
25
Beginning inventory
Purchase
Purchase
Sale
Sale
Purchase
27 Sale
FIFO
Weighted-average
eTextbook and Media
2,940 units
Save for Later
980 units
Teal Mountain Company uses the perpetual inventory system.
$
1,470 units
$
3,430 units
686 units
490 units
1,176 units
Cost
$86,730
39,200
Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using:
73,500
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.)
14,602
Cost of Goods Sold
Sales
$
$308,700
$
51,450
70,560
Gross Margin
$
$
Ending Inventory
Attempts: 0 of 2 used
Submit Answer
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: March 1 (a) 7 8 i. 15 ii. 20 25 Beginning inventory Purchase Purchase Sale Sale Purchase 27 Sale FIFO Weighted-average eTextbook and Media 2,940 units Save for Later 980 units Teal Mountain Company uses the perpetual inventory system. $ 1,470 units $ 3,430 units 686 units 490 units 1,176 units Cost $86,730 39,200 Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: 73,500 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.) 14,602 Cost of Goods Sold Sales $ $308,700 $ 51,450 70,560 Gross Margin $ $ Ending Inventory Attempts: 0 of 2 used Submit Answer
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