(Appendix) Inventory Costing Methods: Periodic Inventory System OBJECTIVE 9 Maidstone Company had 400 units in beginning inventory at a cost of \(\$ 24\) each. Maidstone's 2018 purchases were as follows:

Maidstone uses a periodic inventory system and sold 19,300 units at \(\$ 45\) each during 2018 .
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1. Calculate the cost of ending inventory and the cost of goods sold using the FIFO and weighted average cost methods (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar).
2. Prepare a statement of earnings through gross margin using both of the costing methods in part 1.
3. CONCEPTUAL CONNECTION What is the effect of both inventory costing methods on income?
Exercise

Date Purchases Feb. 21 July 15 6,100 units at $28 each 5,700 units at $32 cach Sept. 30 7,800 units at $34 each