Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 480 5,980 50 ? Ending inventory Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) Feedback Check My Work Calculate the sales amount by applying the appropriate costing method (FIFO, LIFO, Weighted-average cost). Determine the cost of goods sold amount (total inventory available less the ending inventory balance). These two figures are needed to calculate the gross margin.

Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 480 5,980 50 ? Ending inventory Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) Feedback Check My Work Calculate the sales amount by applying the appropriate costing method (FIFO, LIFO, Weighted-average cost). Determine the cost of goods sold amount (total inventory available less the ending inventory balance). These two figures are needed to calculate the gross margin.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...

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