Cloutier Hardware Company, which uses a periodic inventory system, began 2017 with 9,000 units of inventory that cost a total of $90,000. During 2017 Cloutier purchased merchandise on account as follows:

Purchase 1 (15,000 units) ..........$180,000

Purchase 2 (30,000 units) .......... 420,000

At year end, the physical count indicated 10,000 units of inventory on hand.

Required

1. How many units did Cloutier sell during the year? The sale price per unit was $31. Determine Cloutier's sales revenue for the year.

2. Compute cost of goods sold by both the FIFO and the weighted-average-cost method. Then determine gross margin for the year under each method.