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

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

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

Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory .26 un units $81,008 Mar. 14 Purchase . . ..315 units@ $134,095 Mar. 15 Sales .. . July 30 Purchase.. 250 units @ $18= 4,500 Oct. 5 Sales Oct. 26 Purchase 50 units @ $23 = 1.150 113 units $40 180 units @ $40 378 units $40 Totals 74l units 10,753 67 units

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a FIFO Perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance 1 1 126 8 1008 110 ... View full answer

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