Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the periodic inventory...
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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 210 units $73,500 5 Sale 140 units $63,700 9 Purchase 70 units $26.950 13 Purchase 280 units $117,600 24 Sale 280 units $137.200 27 Sale 70 units $39,200 30 Purchase 105 units $48,510 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ $ Gross margin $ Ending Inventory 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, 4.3. 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, c-3. 61.05%) Gross Margin Ratio FIFO % % Weighted average + produces the higher gross margin
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