Refer to Problems 6-2A and 6-3A to prepare a table comparing ending inventory, cost of goods sold, and gross margin under both the FIFO and the moving-weighted-average-cost methods. You will need to calculate gross margin for Problem 6-2A. Explain why the gross margin is lower under the moving-weighted-average-cost method.
In Problem 6-2A and 6-3A
Jul. 10 Purchased 30 units at $320.
15 Sold 40 units at $700.
22 Purchased 70 units at $350.
29 Sold 75 units at $800.