Applying the cost of goods sold model

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Reference no: EM131289312

Applying the Cost of Goods Sold Model

Wilson Company sells a single product. At the beginning of the year, Wilson had 120 units in stock at a cost of $9 each. During the year, Wilson purchased 850 more units at a cost of $9 each and sold 210 units at $13 each, 250 units at $15 each, and 360 units at $14 each.

Required:

1. Using the cost of goods sold model, what is the amount of ending inventory and cost of goods sold?

Cost of goods sold $

Ending inventory $

2. What is Wilson's gross margin for the year?

Reference no: EM131289312

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