Harold Co. reported the following current-year purchases and sales data for its only product.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
Jan. 1 | Beginning inventory | 100 units @ $10 = $1,000 |
|
Jan. 10 | Sales |
| 90 units @ $40 |
Mar. 14 | Purchase | 250 units @ $15 = 3,750 |
|
Mar. 15 | Sales |
| 140 units @ $40 |
July 30 | Purchase | 400 units @ $20 = 8,000 |
|
Oct. 5 | Sales |
| 300 units @ $40 |
Oct. 26 | Purchase | 600 units @ $25 = 15,000 |
|
| Totals | 1,350 units $27,750 | 530 units |
Harold uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Compute the gross margin for each method.
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