E Question Help which uses a periodic inventory system, began 2017 with 6.400 units of inventory that cost a total of $96,000. During 2017, Lafond Products purchased merchandise on account as follows: Purchase 1 (10,250 units at $16 per unit) Purchase 2 (36,000 units at $14 per unit) At year end, the physical count indicated 24,000 units of inventory on hand $ 164.000 S504,000 Required Required 1. How many units did Lafond Products sell during the year? The sale price per unit was $42. Determine Lafond's sales revenue for the year. Compute the cost of goods sold by the weighted-average method. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. Then determine gross margin for the year. 2. 3. Compute cost of goods sold by the FIFO method. Then determine gross margin for the year 4. Compare the gross margins you calculated for each inventory method in Requirements 2 and 3. What conclusions can you draw when the purchase prices for inventory are falling? Print Done