Question

I don't get 2nd part help!(The three red boxes are incorrect)

Sales Cost $60,000 $52,000 May 1 5 9 13 24 27 30 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 150 units 100 units 50 units 200 units 200 units 50 units 75 units $22,000 $96,000 $112,000 $32,000 $39,600 (a1) Your answer is correct. Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold Gross margin 42000 Ending Inventory 63600 SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts: 1 of 3 used (a2) x Your answer is incorrect. Try again. Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using weighted average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of goods sold Gross margin Ending Inventory 508.80

Answer 1

Note:- As Answer of Part 2 is only asked, so i have solved only part 2.

(a2) Cost of Goods Sold $155,000 Gross Margin $41,000 ($52,000+ $112,000+$32,000 - $155,000) Ending Inventory | $62,600 Inventory Balance Workings 1. Weighted Average Goods purchased # No Of Date Cost per Unit Units Cost Of Goods Sold Cost per Cost of Goods unit Sold Inventor # of units sold Value # of Units Cost per unit 150 Balance $60,000 May.01 $400.00 ($60,000/150) $400.00 100 $400 $40,000 50 $20,000 May.05 $22,000 Mat.09 50 $440.00 ($22,000/50) 200 $480.00 (50 + 50) 300 $96,000 May.13 $420.00 $42,000 ($20,000 + $22,000) / 100 $460.00 $138,000 ($42000 + $96,000/300 $460.00 $46,000 200 $460 $92,000 May.24 50 $460 $23,000 100 (300 - 200) 50 (100 - 50) 125 May.27 $460.00 $23,000 $528.00 $39,600 $62,600 May 30 $500.80 ($23,000 + $39,600)/(50 + 750) 500.80 Total $157,600 350 $155,000 125 $62,600