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Calculate the ending inventory and gross margin

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Question - Surprised to still be in business, Mike's Bargain Intergalactic Apparel has the following purchases and sales transactions for December 2021:

Dec 1 Opening balance was 15 suits at $300 each.

Dec 5 Purchased 25 suits at $310 each.

Dec 8 Sold 18 suits at $800 each.

Dec 12 Purchased 10 suits at $320 each.

Dec 15 Sold 12 suits at $850 each.

Dec 20 Sold 15 suits at $825 each.

Required - Calculate the ending inventory and gross margin assuming weighted-average is used?

Reference no: EM133061285

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