In chronological order, the inventory, purchases, and sales of a single product for a recent month… 1 answer below »

In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows:

 

 

 

 

Amount

 

 

Units

per Unit

June 1

Beginning inventory

150

$30

4

Purchase

400

33

12

Purchase

800

36

16

Sales

1,300

60

24

Purchase

300

39

Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. Explain the differences in gross

margin produced by the three methods. Round unit costs to cents and totals to dollars.

 

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