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Soft Touch: Calculate CGS, ending Inventory under FIFO etc

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Cost Sales
April 1 Beginning inventory 75 units $48,750
3 Purchase 50 units 31,250
5 Sale 30 units $35,100
11 Purchase 25 units 17,875
15 Sale 55 units 68,750
22 Sale 40 units 51,400
28 Purchase 50 units 37,000
Please explain the calculations.

Soft Touch uses the perpetual inventory system.

Calculate the cost of goods sold and ending inventory under each of the following costing assumptions

FIFO Moving average
Cost of goods sold $ _____ $_____________
Ending inventory $ _____ $_____________

Determine the gross margin under each of the costing assumptions

FIFO Moving average
Gross margin $ _____ $_____________

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Solution Summary

The solution calculates cost of goods sold, ending inventiry under FIFO and moving average for Soft Touch.

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