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Question a) On March 1st, Max had six TVs ($200 cost). Each Monday this month (March 6th, 13th, 20th, and 28th), Max purchased ten TVs from his supplier. The price increased to $210 on March 12th but dropped to $205 on March 28th. Max sold five TVs in week one, eight in week two, eleven in week three, and six in week four. Assuming the selling price was $400 per TV and Max uses the moving- weighted-average method, what was his gross margin for March? Make all necessary journal entries and SHOW YOUR WORK!
Question b) Repeat a, but using the first-in-first-out method.
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