The following information relates to Hogs Back Falls Ltd's inventory transactions during the month of...
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The following information relates to Hogs Back Falls Ltd's inventory transactions during the month of February Cost/Unit $23.00 Amount $172,500 Beginning inventory Sale Feb. 1 10 14 18 25 26 28 Units 7,500 7,100 4,600 500 4,100 4,300 3,100 $24.00 $26.00 Purchase Purchase Sale Purchase $110,400 $13,000 $34.00 $146,200 Sale All of the units sold were priced at $77.00 per unit. Hogs Back Falls Ltd. uses the perpetual inventory system. Calculate Hogs Back's cost of goods sold, gross margin, and ending inventory for the month of February using FIFO. Cost of Goods Sold $ Gross Margin $ Ending Inventory $ Hogs Back Falls Ltd. uses the perpetual inventory system. Calculate Hogs Back's cost of goods sold, gross margin, and ending inventory for the month of February using weighted average. (Round calculations for cost per unit to 2 decimal places, eg. 10.52 and final answers to decimal places, eg. 61,052.) $ Cost of Goods Sold Gross Margin Ending Inventory $ $ eTextbook and Media Which of the cost formulas would produce the higher gross margin? The method results in the higher gross margin FIFO weighted average eTee
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