The Records of Weight Unlimited Showed the Following for June

question 76

Essay

The records of Weight Unlimited showed the following for June: $\begin{array} { l } \text { Sales.}&2.100 \text { units at } \$ 100 \text { each }\\ \text { Purchases.}&2,000 \text { units at } \$ 75 \text { each }\\ \text {Beginning inventory. }&3,000 \text { units at } \$ 56 \text { each }\\\end{array}$
Assuming the periodic inventory system is used complete the following tabulation. $$\begin{array} { | l | l| l |} \hline & \text { FIFO } & \text { Weighted Average } \\\hline \text { (1) Sales............ } & \$ & \$ \\\hline \text { (2) Cost of goods sold... } & \$ & \$ \\\hline \text { (3) Gross margin.......... } & \$ & \$ \\\hline \text { (4) Ending inventory.... } & \$ & \$\\\hline\end{array}$$ Computations:
FIFO:
Weighted Average:

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Definitions:

Outstanding Ordinary Shares

The total number of shares currently held by shareholders, including restricted shares held by company officers and insiders, but not treasury shares.

Restricted Retained

Earnings that are not freely available for distribution to owners, often earmarked for compliance, legal, or operational purposes.