Question

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


1. 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. (Round unit costs to cents and totals to dollars.)
2. Explain the differences in gross margin produced by the threemethods.


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  • CreatedMarch 26, 2014
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