Caring Hands Ltd. is a retailer specializing in hand care products. The company donates twenty...
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Accounting
Caring Hands Ltd. is a retailer specializing in hand care products. The company donates twenty percent of its profits to local charities. Caring Hands uses the perpetual inventory system and the following limited information relates to Caring Hands Ltd. `s inventory transactions during the month of May:
Date
Units
Cost / Unit
Amount
May 1
Beginning Inventory
7,400
$ 36
$ 266,400
5
Sale
3,600
13
Purchase
1,600
$ 43
$ 68,800
17
Purchase
800
$ 44
$ 35,200
20
Sale
3,300
28
Purchase
2,600
$ 49
$ 127,400
30
Sale
4,000
Units sold were priced at $ 54.
Calculate Caring Hands' cost of goods sold, gross margin, and ending inventory for the month of May using FIFO.
Cost of Goods Sold
$
Gross Margin
$
Ending Inventory
$
eTextbook and Media
Calculate Caring Hands' cost of goods sold, gross margin, and ending inventory for the month of May 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
$
Gross Margin
$
Ending Inventory
$
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