Ferrell Lawn Supply, which uses the FIFO method, began March with 200 units of inventory that cost
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Required
1. Prepare a perpetual inventory record for the lawn supply merchandise.
2. Determine Ferrell's cost of goods sold for March.
3. Compute gross margin for March.
Transcribed Image Text:
Unit Cost Unit Sale Price Units 48 Mar. 2 Purchase 8 Sale $50 160 $144 17 Purchase 60 96 124 22 Sale 160
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Related Book For
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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