Inventory Costing MethodsTerpsichore Company uses a perpetual inventory system. For 2018 and 2019, Terpsichore has the following data:ActivityUnitsPurchase Price (per unit)Sale Price (per unit)2018Beginning inventory100 $45 Purchase 1, Feb. 25700 52 Sale 1, Apr. 15600 $90 Purchase 2, Aug. 30500 56 Sale 2, Nov. 13600 90 Purchase 3, Dec. 20400 58 2019Sale 3, Mar. 8400 90 Purchase 4, June 28900 62 Sale 4, Dec. 18200 90 . For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using the average cost method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 20182019Cost of goods sold$fill in the blank 13$fill in the blank 14Cost of ending inventory$fill in the blank 15$fill in the blank 16Gross margin$fill in the blank 17$fill in the blank 18 LIFO METHODINVENTORY TURNOVER 2018??

Name: Inventory Costing MethodsTerpsichore Company uses a perpetual inventor
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Description: Inventory Costing MethodsTerpsichore Company uses a perpetual inventory system. For 2018 and 2019, Terpsichore has the following data:ActivityUnitsPurchase Price (per unit)Sale Price (per unit)2018Beginning inventory100 $45 Purchase 1, Feb. 25700 5

Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

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Cornerstones of Financial Accounting

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ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

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Problem 72BPSB: ( Appendices 6A and 6B) Inventory Costing Methods Edwards Company began operations in February 2019....

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Inventory Costing Methods

Terpsichore Company uses a perpetual inventory system. For 2018 and 2019, Terpsichore has the following data:

Activity	Units	Purchase Price (per unit)	Sale Price (per unit)
2018
Beginning inventory	100		$45
Purchase 1, Feb. 25	700		52
Sale 1, Apr. 15	600			$90
Purchase 2, Aug. 30	500		56
Sale 2, Nov. 13	600			90
Purchase 3, Dec. 20	400		58
2019
Sale 3, Mar. 8	400			90
Purchase 4, June 28	900		62
Sale 4, Dec. 18	200			90

. For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using the average cost method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)

	2018	2019
Cost of goods sold	$fill in the blank 13	$fill in the blank 14
Cost of ending inventory	$fill in the blank 15	$fill in the blank 16
Gross margin	$fill in the blank 17	$fill in the blank 18

LIFO METHOD

INVENTORY TURNOVER 2018??

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