Refer to Exercise 6-3 and assume the periodic inventory system is used. Determine the co...

Refer to Exercise 6-3 and assume the periodic inventory system is used. 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.

Harper Co. reported the following current-year purchases and sales data for its only product.

Harper 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.