Question: Ferrell Lawn Supply, which uses the FIFO method, began March with 200 units of inventory that cost $40 each. During March, Ferrell completed these inventory

Ferrell Lawn Supply, which uses the FIFO method, began March with 200 units of inventory that cost $40 each. During March, Ferrell completed these inventory transactions:

Required
1. Prepare a perpetual inventory record for the lawn supply merchandise.
2. Determine Ferrell's cost of goods sold for March.
3. Compute gross margin for March.

Unit Cost Unit Sale Price Units 48 Mar. 2 Purchase 8 Sale $50 160 $144 17 Purchase 60 96 124 22 Sale 160

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