Arctic Wines sold $680,000 in wines during their fall color season in October. Given the following information, calculate the Arctic Wine's gross margin and gross margin percentage. Use the information to prepare their October cost of goods sold statement. October wine production (called vinification) 20,000 bottles at $4.25/bottle Beginning inventory $381,000 Ending inventory ?? Cost of Shipping to Customers $21,000 Sales Discounts to Employees $27,000 Cost of goods sold 41% of sales Other than a warehouse fire or other inventory loss events, describe two probable reasons why a company would want to estimate their ending inventory?

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Okay lets calculate the gross margin and gross margin percentage and then prepare the October cost o... View the full answer