Question: Harold Co. reported the following current-year purchases and sales data for its only product. Harold uses a perpetual inventory system. Determine the costs assigned to

Harold Co. reported the following current-year purchases and sales data for its only product.

Harold uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using
(a) FIFO and
(b) LIFO.
Compute the gross margin for eachmethod.

Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory100 units@ $101000 Jan. 10 Sales.. Mar. 14 Purchase ..250 units@$15 3,750 90 units$40 140 units @ $40 300 units @ $40 July 30 Purchase400 units $208,000 Oct. 26 Purchase600 units $2515.000 Totals ...n. . 1350 units $27,750 530 units

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