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Teal Mountain Hands Ltd. is a retailer specializing in hand care products. The company donates twenty percent of its profits to loca charities. Teal Mountain Hands uses the periodic inventory system and the following limited information relates to Teal Mountain Hands Ltd. 's inventory transactions during the month of May: Date May 1 Beginning Inventory 5 13 17 20 Sale 30 Purchase Purchase Sale 28 Purchase Sale Units Cost/Unit 7,900 $34.00 3,600 1,500 800 3,500 2,500 4,000 Amount $268,600 $41.00 $61,500 $42.00 $33,600 $47.00 $117,500

Teal Mountain Hands Ltd. is a retailer specializing in hand care products. The company donates twenty percent of its profits to loca charities. Teal Mountain Hands uses the periodic inventory system and the following limited information relates to Teal Mountain Hands Ltd. 's inventory transactions during the month of May: Date May 1 Beginning Inventory 5 13 17 20 Sale 30 Purchase Purchase Sale 28 Purchase Sale Units Cost/Unit 7,900 $34.00 3,600 1,500 800 3,500 2,500 4,000 Amount $268,600 $41.00 $61,500 $42.00 $33,600 $47.00 $117,500

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Teal Mountain Hands Ltd. is a retailer specializing in hand care products. The company donates twenty percent of its profits to local charities. Teal Mountain Hands uses the periodic inventory system and the following limited information relates to Teal Mountain Hands Ltd. 's inventory transactions during the month of May: Date Units May 1 Beginning Inventory 7,900 5 3,600 1,500 13 (a) 17 20 28 30 Sale Purchase Purchase Sale Purchase Sale Units sold were priced at $60.00. Cost of goods sold S Gross margin Ending inventory 800 3,500 2,500 4,000 $ Cost/Unit $34.00 Amount Calculate Teal Mountain Hands' cost of goods sold, gross margin, and ending inventory for the month of May using FIFO. $268,600 $41.00 $61,500 $42.00 $33,600 $47.00 $117,500 A
Transcribed Image Text:Teal Mountain Hands Ltd. is a retailer specializing in hand care products. The company donates twenty percent of its profits to local charities. Teal Mountain Hands uses the periodic inventory system and the following limited information relates to Teal Mountain Hands Ltd. 's inventory transactions during the month of May: Date Units May 1 Beginning Inventory 7,900 5 3,600 1,500 13 (a) 17 20 28 30 Sale Purchase Purchase Sale Purchase Sale Units sold were priced at $60.00. Cost of goods sold S Gross margin Ending inventory 800 3,500 2,500 4,000 $ Cost/Unit $34.00 Amount Calculate Teal Mountain Hands' cost of goods sold, gross margin, and ending inventory for the month of May using FIFO. $268,600 $41.00 $61,500 $42.00 $33,600 $47.00 $117,500 A
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