In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows.

1. Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to cents and totals to dollars.)
2. Explain the differences in gross margin produced by the threemethods.

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Units June 1 Beginning inventory 150 400 800 1,300 300 Amount per Unit $30 4 Purchase 12 Purchase 16 Sale 24 Purchase 36 60 39