Question

If your instructor has assigned the Appendix to this chapter, redo Problem AP7-1 assuming that the company uses the periodic inventory system.
In Problem AP7-1
The Soft Touch Company sells leather furniture. The following schedule relates to the company’s inventory for the month of April:
a. Calculate Soft Touch Company’s cost of goods sold, gross margin, and ending inventory using:
i. FIFO
ii. Weighted-average
b. Which cost formula produced the higher gross margin?


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  • CreatedJune 11, 2015
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