Question
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the...
Required information
[The following information applies to the questions displayed below.]
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:
| Jan. 20 | Purchased | 440 | units | @ | $ | 9 | = | $ | 3,960 | |
| Apr. 21 | Purchased | 150 | units | @ | $ | 10 | = | 1,500 | ||
| July 25 | Purchased | 240 | units | @ | $ | 11 | = | 2,640 | ||
| Sept. 19 | Purchased | 80 | units | @ | $ | 12 | = | 960 | ||
During the year, The Shirt Shop sold 720 T-shirts for $17 each.
rev: 09_07_2017_QC_CS-97529
- Compute the gross margin using the FIFO cost flow assumption.
|
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