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

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Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the periodic inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales May 1 Beginning inventory 120 units $78,000 5 Sale 80 units $67,600 9 Purchase 40 units $28,600 13 Purchase 160 units $124,800 24 Sale 160 units $145,600 27 Sale 40 units $41,600 30 Purchase 60 units $51,480 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ Ending Inventory $ eTextbook and Media 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 2 decimal places, e.g. 610.52.) Cost of goods sold $ Gross margin $ Ending Inventory $ eTextbook and Media Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio FIFO % Weighted-average % ✓produces the higher gross margin. Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the periodic inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales May 1 Beginning inventory 120 units $78,000 5 Sale 80 units $67,600 9 Purchase 40 units $28,600 13 Purchase 160 units $124,800 24 Sale 160 units $145,600 27 Sale 40 units $41,600 30 Purchase 60 units $51,480 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ Ending Inventory $ eTextbook and Media 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 2 decimal places, e.g. 610.52.) Cost of goods sold $ Gross margin $ Ending Inventory $ eTextbook and Media Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio FIFO % Weighted-average % ✓produces the higher gross margin.

Answer rating: 100% (QA)

1 2 3 Periodic FIFO Beginning inventory Purchases 09May 13May 30May Total Cost of goods sold Gross m... View the full answer