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

  1. Compute the gross margin using the FIFO cost flow assumption.
FIFO
Gross margin

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