Wilson Company sells a single product At the beginning of
Wilson Company sells a single product. At the beginning of the year, Wilson had 150 units in stock at a cost of $8 each. During the year, Wilson purchased 825 more units at a cost of $8 each and sold 240 units at $13 each, 210 units at $15 each, and 335 units at $14 each.
Required:
1. Using the cost of goods sold model, what is the amount of ending inventory and cost of goods sold?
2. What is Wilson’s gross margin for the year?
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