Teal Mountain Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the...

  
 

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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 7 8 15 20 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale 2,940 units 980 units 1,470 units 3,430 units 686 units 490 units 1,176 units Cost $86,730 39,200 73,500 14,602 Sales $308,700 51,450 70,560 (a) * Your answer is incorrect. Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. 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.) i. ii. FIFO Weighted- average LA LA Cost of Goods Sold 125930 192629 SA $ A Gross Margin 304780 238081 $ Ending Inventory 88102 21403 (b) - Your answer is partially correct. Calculate Teal Mountain Company's gross margin ratio using: (Round answers to 2 decimal places, e.g. 61.05%.) i. FIFO ii. Weighted-average FIFO Weighted-average Gross Margin Ratio % % 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 7 8 15 20 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale 2,940 units 980 units 1,470 units 3,430 units 686 units 490 units 1,176 units Cost $86,730 39,200 73,500 14,602 Sales $308,700 51,450 70,560 (a) * Your answer is incorrect. Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. 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.) i. ii. FIFO Weighted- average LA LA Cost of Goods Sold 125930 192629 SA $ A Gross Margin 304780 238081 $ Ending Inventory 88102 21403 (b) - Your answer is partially correct. Calculate Teal Mountain Company's gross margin ratio using: (Round answers to 2 decimal places, e.g. 61.05%.) i. FIFO ii. Weighted-average FIFO Weighted-average Gross Margin Ratio % %

Answer rating: 100% (QA)

ANSWER a i FIFO Cost of goods sold 126930 Gross margin 304780 Ending inventory ... View the full answer