a) On March 1st, Manav had six TVs ($200cost). Each Monday this month (March 7th,14th, 21st, and 28th), Manav purchased tenTVs from his supplier. The price increased to$210 on March 12th, but dropped to $205 onMarch 28th. Manav sold five TVs in week one(March 1st to 7th), eight in week two, elevenin week three, and six in week four. Assumingthe selling price was $400 per TV and Manavuses the moving-weighted-average method,what was his gross margin for March? Makeall necessary journal entries and SHOW YOURWORK!b) Repeat 3a, but using the first-in-first-outmethod.

Answered: Image /qna-images/answer/4906fb65-99e6-4a83-869c-b49614516185.jpg

Answered: what was his gross margin for March?…

what was his gross margin for March? Make all necessary journal entries and SHOW YOUR WORK! b) Repeat 3a, but using the first-in-first-out method.

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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Question

a) On March 1st, Manav had six TVs ($200
cost). Each Monday this month (March 7th,
14th, 21st, and 28th), Manav purchased ten
TVs from his supplier. The price increased to
$210 on March 12th, but dropped to $205 on
March 28th. Manav sold five TVs in week one
(March 1st to 7th), eight in week two, eleven
in week three, and six in week four. Assuming
the selling price was $400 per TV and Manav
uses the moving-weighted-average method,
what was his gross margin for March? Make
all necessary journal entries and SHOW YOUR
WORK!
b) Repeat 3a, but using the first-in-first-out
method.

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