Chapt 6 Problem Set #2 (due BAM, Mon Chapt 6 Problem Set #2 (due 8AM, Mon ross margin using FIFO. Problem 6-68B 2018 2019 Inventory Costing Methods est of goods sold 15,900 x 36,400 X ost of ending inventory 0 x Terpsichore Company uses a perpetual inventory system. For 2018 and 2019, Terpsichore has the following data: ross margin x Units Purchase Price (per unit) Sale Price (per unit) For each year, compute cost of goods sold, the cost of ending inventory, and ross margin using LIFO. Activity 2018 Beginning Inventory 100 $45 t of goods sold Purchase 1, Feb. 25 700 52 of ending inventory Sale 1, Apr. 15 600 $90 ross margin Purchase 2, Aug. 30 500 56 Sale 2, Nov. 13 600 90 Purchase 3, Dec. 20 400 58 2019 Sale 3, Mar. 8 400 90 Purchase 4, June 28 900 62 est of goods sold Sale 4, Dec. 18 200 90 ost of ending inventory Required: 2018 2019 x 0x 0x For each year, compute cost of goods sold, the cost of ending inventory, and ross margin using the average cost method. (Note: Use four decimal places for er-unit calculations and round all other numbers to the nearest dollar.) Gross margin 2018 2019 0 X x 0x 1. For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using FIFO. Cost of goods sold Cost of ending inventory Gross margin 2018 2019 15,900 X 36,400 X 0x 0 X Conceptual Connection: Which method would result in the lowest amount paid or taxes? FO- . Conceptual Connection: Which method produces the most realistic amount for come? For inventory? or inventory 2. For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using LIFO. or income 2018 2019 LIFO FIFO . Conceptual Connection: Compute Terpsichore's gross profit ratio and inventory urnover ratio under each of the three inventory costing methods. (Note: Round nswers to two decimal places.) Cost of goods sold Cost of ending inventory Gross margin 0 X 3. For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using the average cost method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) Gross profit ratio ventory mover Cost of goods sold Cost of ending inventory Gross margin 2018 0x 2019 0x 0 x 4. Conceptual Connection: Which method would result in the lowest amount paid for taxes? LIFO 5. Conceptual Connection: Which method produces the most realistic amount for FIFO Method LIFO Method 2018 2019 2018 2019 0x % 0x % 0x % 0 X x Average Cost Method 2018 2019 0x % 0 x 0