Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system....

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Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales May 1 Beginning inventory 210 units $136,500 Sale 140 units $118,300 9 Purchase 70 units $50,050 13 Purchase 280 units $218,400 24 Sale 280 units $254,800 27 Sale 70 units $72,800 30 Purchase 105 units $90,090 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin 2$ Ending Inventory 2$ %24 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of goods sold Gross margin Ending Inventory $ Gross Margin Ratio FIFO % Weighted-average % produces the higher gross margin. Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales May 1 Beginning inventory 210 units $136,500 Sale 140 units $118,300 9 Purchase 70 units $50,050 13 Purchase 280 units $218,400 24 Sale 280 units $254,800 27 Sale 70 units $72,800 30 Purchase 105 units $90,090 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin 2$ Ending Inventory 2$ %24 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of goods sold Gross margin Ending Inventory $ Gross Margin Ratio FIFO % Weighted-average % produces the higher gross margin.

Answer rating: 100% (QA)

Solution Units Unit cost Total cost May 1 120 600 72000 May 9 40 660 2... View the full answer