The following data is available for one of the products sold by Wild Optics Company, which uses the periodic inventory system:
At the end of December, Wild Optics had 25 units on hand. The 75 units sold created revenue of $13 each. Determine the amounts for the December 31 ending inventory, the cost of goods sold for December, and the gross margin for December for each of the inventory costing methods listed below.
Definitions:
Vertebrae
The individual bones that make up the vertebral column, or spine, providing structural support and protection for the spinal cord.
Xiphoid Process
The xiphoid process is the small, cartilaginous projection at the lower end of the sternum, which becomes bony and ossified with age.
Manubrium
The upper portion of the sternum to which the clavicle and first ribs attach.
Sternum
The long, flat bone located in the center of the chest, connecting to the ribs via cartilage and forming the front part of the rib cage.
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