Thunder Performance Tire began June with 50 units of inventory that cost $264 each. During June, Thunder Performance Tire completed these inventory transactions:

Required
1. The above data are taken from Thunder Performance Tire's perpetual inventory records. Which cost method does Thunder Performance Tire use?
2. Compute Thunder Performance Tire's cost of goods sold for June under the
a. Perpetual inventory system
b. Periodic inventory system
3. Compute gross margin for June.

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Unit Cost Unit Selling Price Units 12 27 23 Jun. 2 Purchase 8 Sale 13 Sale Sale 17 Purchase 22 $270 264 264 270 270 270 $360 360 370 24 31 Sale 29 370 280 Purchase 24