Refer to the data provided in E4A. In E4A. In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows.
1. Using the perpetual 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 the nearest cent.) 2. Explain the reasons for the differences in gross margin produced by the threemethods.