The inventory, purchases, and sales of a single product for the month of June are as follows:

Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the following inventory costing methods: average cost, FIFO, and LIFO. Explain the reasons for the differences in gross margin produced by the three methods. (Note: Round unit costs to cents and totals to dollars.)

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Amount per Unit S30 Units 150 400 800 1,300 300 une Beginning inventory Purchase Purchase Sale Purchase 36 60 39 16