If your instructor has assigned the Appendix to this chapter, redo Problem 7-12 assuming that the company uses the periodic inventory system.
In problem 7-12

a. Calculate the cost of goods sold and ending inventory under each of the following costing assumptions:
1. FIFO
2. Moving average
b. Determine the gross margin under each of the costing assumptions calculated in part "a." Which of the costing assumptions produced the higher gross margin?

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Sales Cost $45,000 31,250 April Beginning inventory75 units45.000 Purchase 50 units 30 units 25 unit 55 units 40 units 50 units 5 Sale $33,000 Purchase ts 16.250 15 Sale 22 Sale 28 Prchase 68,750 48,000 33,750