Teal Mountain Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Teal Mountain Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 7 8 15 20 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale 2,940 units 980 units 1,470 units 3,430 units 686 units 490 units 1,176 units Cost $86,730 39,200 73,500 14,602 Sales $308,700 51,450 70,560 (a) * Your answer is incorrect. Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) i. ii. FIFO Weighted- average LA LA Cost of Goods Sold 125930 192629 SA $ A Gross Margin 304780 238081 $ Ending Inventory 88102 21403 (b) - Your answer is partially correct. Calculate Teal Mountain Company's gross margin ratio using: (Round answers to 2 decimal places, e.g. 61.05%.) i. FIFO ii. Weighted-average FIFO Weighted-average Gross Margin Ratio % % Teal Mountain Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 7 8 15 20 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale 2,940 units 980 units 1,470 units 3,430 units 686 units 490 units 1,176 units Cost $86,730 39,200 73,500 14,602 Sales $308,700 51,450 70,560 (a) * Your answer is incorrect. Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) i. ii. FIFO Weighted- average LA LA Cost of Goods Sold 125930 192629 SA $ A Gross Margin 304780 238081 $ Ending Inventory 88102 21403 (b) - Your answer is partially correct. Calculate Teal Mountain Company's gross margin ratio using: (Round answers to 2 decimal places, e.g. 61.05%.) i. FIFO ii. Weighted-average FIFO Weighted-average Gross Margin Ratio % %
Expert Answer:
Answer rating: 100% (QA)
ANSWER a i FIFO Cost of goods sold 126930 Gross margin 304780 Ending inventory ... View the full answer
Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
Posted Date:
Students also viewed these accounting questions
-
HFI sells bedroom furniture to hotel chains, including beds, nightstands, television tables, desks and chests of drawers. Hotel room furniture is often exposed to hard use and often must be replaced...
-
You and Bob are studying for an upcoming accounting exam. Bob says, Contributed capital is basically the stockholders equity of the company. It includes things like common stock, paid-in capital in...
-
You and your two roommates are starting a pet grooming service to help put yourselves through college. There are two other well-established pet services in your area. Should you set your price higher...
-
Find the struggles faced by business (printed t-shirts) with suppliers? Explain what would be the communication plan for each stakeholder and how you'll implement the decision you have taken?
-
Simplify each of the following and collect the like terms. + 5i 8x5.5x 0.5 11 + 0.5(4.6x-17)
-
How are cost of goods sold and gross profit computed?
-
In 2014, political consulting firm Cambridge Analytica developed an app designed to create digital profiles of individuals via their information. Cambridge Analytica collected the data by inviting...
-
Angela Moss and Autumn Barber organize a partnership on January 1. Mosss initial net investment is $75,000, consisting of cash ($17,500), equipment ($82,500), and a note payable reflecting a bank...
-
Please share a quote from Dr. Thom Garfat's piece where he signals, implicitly or explicitly, how this relational model frames youths. Identify something the relational CYC/"inter-personal...
-
Des Moines Power and Light has been collecting data on demand for electric power in its western subregion for only the past 2 years. Those data are shown in the table at the top of the shown below....
-
Consider the following investment cash flows: Year Cash Flow 0 ($240,000) 1 30,000 2 40,000 3 50,000 4 60,000 5 60,000 6 50,000 7 40,000 8 30,000 9 20,000 10 10,000 a. What is the return expected on...
-
L. B. Menielle, Inc. had sales of $5 million, with a gross profit of $3 million. Operating costs were $1 million and it had interest and dividend income of $20,000 and $25,000, respectively. Interest...
-
During your work placement, identify a work practice and related policy or procedure that you think could be improved to better meet legal requirements or responsibilities.
-
Soccer City Traders sell sports equipment. The business uses the continuous stock system. The mark-up is 100% on cost price. Use the transactions below to show the influence on the accounting...
-
What are the proposal that you can provide to your cities to reduce the Impact of COVID-19 ?
-
A person invests$1000 per year in a fund, for 10 years, and then stops makingpayments. If money is worth 8% per year, what is the value in the fund at the end of 20years
-
A small investor just bought 100 shares of UYA on margin. The share price of UYA at the time of purchase was $50, the initial margin requirement is 50%, and the maintenance margin is 30%. Given this...
-
Solve each problem. Find the coordinates of the points of intersection of the line y = 2 and the circle with center at (4, 5) and radius 4.
-
Records of the Genesis Corporation reveal the following information about inventory during the year. The companys accountant is trying to decide whether to determine Cost of Goods Sold using the...
-
Accounting is an information system that measures and reports the value created when a company transforms resources. Does an accounting system create value? If so, how? If not, why do companies have...
-
Wendy Hu is considering two new products for her office products manufacturing business. One is a laser printer. Wendy has had numerous calls for the product, which will compete with existing...
-
Graph the following table: a. What is marginal product and average product at each level of production? b. Graph marginal product and average product. c. Label the areas of increasing marginal...
-
If average product is falling, what is happening to short-run average variable cost?
-
If marginal cost is increasing, what do we know about average cost?
Study smarter with the SolutionInn App