Question: Problem 61B Ferrell Lawn Supply, which uses the FIFO method, began March with 200 units of inventory that cost $20 each. During March, Ferrell completed

Problem 6–1B Ferrell Lawn Supply, which uses the FIFO method, began March with 200 units of inventory that cost $20 each. During March, Ferrell completed these inventory transactions:

Units Unit Cost Unit Sale Price Mar. 2 Purchase 48 $25 8 Sale 160 $72 17 Purchase 96 30 22 Sale 124 80 Required 1. Prepare a perpetual inventory record for the lawn supply merchandise.

2. Determine Ferrell’s cost of goods sold for March.

3. Compute gross margin for March.

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