The following information relates to Toolworks Ltd.'s inventory transactions during the month of October. Units Cost/Unit...

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The following information relates to Toolworks Ltd.'s inventory transactions during the month of October. Units Cost/Unit Amount Oct. 1 Beginning inventory 2,490 $12.90 $32,121 5 Sale 350 11 Purchase 1,200 $13.40 $16,080 13 Purchase 510 $12.90 $6,579 15 Sale 1,510 29 Purchase 2,450 $11.30 $27,685 31 Sale 3,440 All of the units sold on October 5 were priced at $25.00 per unit. All of the units sold on October 15 and 31 were priced at $33.00 per unit. Your answer is incorrect. Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks' cost of goods sold, gross margin, and ending inventory for the month of October using FIFO. Cost of Goods Sold $ 82465 Gross Margin $ 105898 Ending Inventory $ 50344 eTextbook and Media Your answer is partially correct. Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks' cost of goods sold, gross margin, and ending inventory for the month of October weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) Cost of Goods Sold $ 66065 Gross Margin $ 106035 Ending Inventory $ 16416 eTextbook and Media Your answer is correct. Which of the cost formulas would produce the higher gross margin? The weighted-average method results in the higher gross margin. eTextbook and Media Save for Later Last saved 11 minutes ago. Attempts: 1 of 2 used Submit Answer Saved work will be auto-submitted on the due date. The following information relates to Toolworks Ltd.'s inventory transactions during the month of October. Units Cost/Unit Amount Oct. 1 Beginning inventory 2,490 $12.90 $32,121 5 Sale 350 11 Purchase 1,200 $13.40 $16,080 13 Purchase 510 $12.90 $6,579 15 Sale 1,510 29 Purchase 2,450 $11.30 $27,685 31 Sale 3,440 All of the units sold on October 5 were priced at $25.00 per unit. All of the units sold on October 15 and 31 were priced at $33.00 per unit. Your answer is incorrect. Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks' cost of goods sold, gross margin, and ending inventory for the month of October using FIFO. Cost of Goods Sold $ 82465 Gross Margin $ 105898 Ending Inventory $ 50344 eTextbook and Media Your answer is partially correct. Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks' cost of goods sold, gross margin, and ending inventory for the month of October weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) Cost of Goods Sold $ 66065 Gross Margin $ 106035 Ending Inventory $ 16416 eTextbook and Media Your answer is correct. Which of the cost formulas would produce the higher gross margin? The weighted-average method results in the higher gross margin. eTextbook and Media Save for Later Last saved 11 minutes ago. Attempts: 1 of 2 used Submit Answer Saved work will be auto-submitted on the due date.

Answer rating: 100% (QA)

Calculate Cost of goods sold gross margin and ending Inventory Using FIFO 041 Begining 24... View the full answer