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

Question:

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

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 eachmethod.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...