Ferrell Lawn Supply, which uses the FIFO method, began March with 200 units of inventory that cost $40 each. During March, Ferrell completed these inventory transactions:

Required
1. Prepare a perpetual inventory record for the lawn supply merchandise.
2. Determine Ferrell's cost of goods sold for March.
3. Compute gross margin for March.

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Unit Cost Unit Sale Price Units 48 Mar. 2 Purchase 8 Sale $50 160 $144 17 Purchase 60 96 124 22 Sale 160