Warner Company purchased two units of a product for $36 and later purchased one more for $40. If the company uses the weighted average cost flow method, and it sold one unit of the product for $60, its gross margin would be $22.00.
Answer the following statement true (T) or false (F)
False
Average cost per unit = Cost of goods available for sale of [(2 × $36) + (1 × $40)] ÷ Units available for sale of 3 = $37.33 per unit
Selling price of $60 ? Cost of goods sold of $37.33 = $22.66
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