Markham Leather, a distributor of leather products, uses the FIFO method for valuing inventories. It began August with 50 units of an inventory item that cost $160 each. During August, the store completed these inventory transactions:

Required
1. Prepare a perpetual inventory record for this item.
2. Determine the store's cost of goods sold for August.
3. Compute gross margin for August.

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Units Unit Sale Price Unit Cost Aug. 40 3 Sale $280 $176 8 Purchase 21 Sale 30 Purchase 80 300 70 10 192