Titan Performance Tire began May with 50 units of inventory that cost $264 each. During May Titan Performance Tire completed these inventory transactions:

Required
1. The above data are taken from Titan Performance Tire's perpetual inventory records. Which cost method does Titan Performance Tire use?
2. Compute Titan Performance Tire's cost of goods sold for May under the
a. Perpetual inventory system
b. Periodic inventory system
3. Compute gross margin for May.

Transcribed Image Text:

Unit Cost $270 264 264 2A0 2A0 2A0 290 Units Unit Selling Price May 2 12 Sale Sale Sale $360 360 370 13 17 24 Sale 31 370