Refer to Exercise and assume the periodic inventory system is used.

In Exercise, Harper Co. reported the following current-year purchases and sales data for its only product.

Determine the costs assigned to ending inventory and to cost of goods sold using

(a) FIFO,

(b) LIFO.

Compute the gross margin for each method.

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Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory .26 un units $81,008 Mar. 14 Purchase . . ..315 units@ $134,095 Mar. 15 Sales .. . July 30 Purchase.. 250 units @ $18= 4,500 Oct. 5 Sales Oct. 26 Purchase 50 units @ $23 = 1.150 113 units $40 180 units @ $40 378 units $40 Totals 74l units 10,753 67 units