Refer to Exercise 6-5 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using

(a) FIFO and

(b) LIFO. Then

(c) compute the gross margin for eachmethod.

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Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory...100 units @ S101.000 Jan. 0 Sales. Mar. 14 Purchase 250 units @ $15= 3.750 Mar. 15 Sales July 30 Purchase . .400 units @ $208,000 90 units @ $40 140 units @ $40 300 units a $40 Oct. 26 Purchase..600 units@ $2515.000 1350 units$27750 530 units