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Saddlery Company sells leather saddles and equipment for horse enthusiasts
Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the company’s inventory for the month of May:
| Cost | Sales | |||||||
|---|---|---|---|---|---|---|---|---|
|
May 1 |
Beginning inventory | 150 units | $90,000 | |||||
|
5 |
Sale | 100 units | $78,000 | |||||
|
9 |
Purchase | 50 units | $33,000 | |||||
|
13 |
Purchase | 200 units | $144,000 | |||||
|
24 |
Sale | 200 units | $168,000 | |||||
|
27 |
Sale | 50 units | $48,000 | |||||
|
30 |
Purchase | 75 units | $59,400 |
Calculate Saddlery Company’s cost of goods sold, gross margin, and ending inventory using FIFO.
|
Cost of goods sold |
$Enter a dollar amount. | |
|---|---|---|
|
Gross margin |
$Enter a dollar amount. | |
|
Ending Inventory |
$Enter a dollar amount. |
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 0 decimal places, e.g. 61,052.)
|
Cost of goods sold |
$Enter a dollar amount rounded to 0 decimal places. | |
|---|---|---|
|
Gross margin |
$Enter a dollar amount rounded to 0 decimal places. | |
|
Ending Inventory |
$Enter a dollar amount rounded to 0 decimal places. |
Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.)
| Gross Margin Ratio | ||
|---|---|---|
|
FIFO |
Enter percentages rounded to 2 decimal places. % | |
|
Weighted-average |
Enter percentages rounded to 2 decimal places. % |
| Select cost formula. FIFOWeighted-average produces the higher gross margin. |
Expert Solution
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