Kaur Company opened a new store in February this year. During the first year of operations, the company made the following purchases and sales:

Purchases Sales

Date Units Cost$/$unit Date Units Price$/$unit

Feb.$920100$ Apr.$3035220$

Apr.$1225120$ Nov.$1250260$

July$1830130$

Oct.$2640150$

Instructions

a$.$Assume Kaur uses moving average perpetual. Calculate the cost of ending inventory, cost of goods sold, gross profit, GP$\%,$ and markup $\%$

b$.$Assume Kaur uses FIFO periodic $.$ Calculate the cost of ending inventory, cost of goods sold, gross profit, GP$\%,$ and markup $\%$

c$.$Prepare journal entries to record the April $12$ purchase and the April $30$ sale using $(1)$ FIFO periodic and $(2)$ Moving Average perpetual. Assume all transactions were on account.