Keefer, Inc., began business on January 1, 2013. Information on its inventory purchases and sales during 2013 and 2014 follow:

Required:
1. Calculate ending inventory, cost of goods sold, and gross margin for 2013 and 2014 under the periodic FIFO inventory valuation method.
2. Calculate ending inventory, cost of goods sold, and gross margin for 2013 and 2014 under the periodic LIFO inventory valuation method.
3. Discuss the difference in reported results under FIFO versus LIFO for eachyear.

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Inventory Purchases Cost per Unit 3 5 1 May 15, 2013 August 1, 2013 September 3, 2013 December 5, 2013 3 Total purchases -2013 4 March 29, 2014 August 20, 2014 November 3, 2014 Total purchases 2014 Inventory Sales Units Price per Unit Total March 18, 2013 August 15, 2013 October 6, 2013 $50 52 53 3,250 10,400 $22925 5,300 1 175 Total sales 2013 100 $53 52 February 12, 2014 June 2, 2014 10,400 September 30, 2014 Total sales 2014 210 510 10500 $26,200