Exercise $6-5$ Inventory costing methods $($perpetual$)$FIFO and LIFO P$1$ Harold Co$.$ reported the following current$-$year purchases and sales data for its only product. Harold uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using $($a$)$ FIFO and $($b$)$ LIFO. Compute the gross margin for each method. Date Activities Units Acquired at Cost Units Sold at Retail Jan. $1$ Beginning inventory $........100$ units @ $$105$ $ $1,000$ Jan. $10$ Sales $....................90$ units @ $$40$ Mar. $14$ Purchase $................250$ units @ $$1553,750$ Mar. $15$ Sales $....................140$ units @ $$40$ July $30$ Purchase $................400$ units @ $$2058,000$ Oct. $5$ Sales $....................300$ units @ $$40$ Oct. $26$ Purchase $................600$ units @ $$25515,000$ Totals $...................1,350$ units $$27,750530$ units

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