Kim's Dry Goods uses a periodic inventory system. Kim's completed the following inventory transactions during April, its first month of operations:
Apr. 1 Purchased 10 shirts at $50 each
7 Sold 6 shirts for $80 each
13 Purchased 6 shirts for $55 each
21 Sold 3 shirts for $85 each
Compute Kim's ending inventory and cost of goods sold under FIFO costing. Then compute ending inventory and cost of goods sold under the weighted-average-cost method. Round average unit cost to the nearest cent. Compute gross margin under both methods. Which method results in the higher gross margin?