Henin Co. reported the following current-year purchases and sales data for its only product:

Henin uses a perpetual inventory system. Determine the costs assigned to ending inventory and to check Ending inventory: LIFO, cost of goods sold using

(a) FIFO and

(b) FIFO. Compute the gross margin for each method. kh4

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Mar. 15 July 30 Activities Beginning inventory Date Jan. Jan. 10 Mar. 14 Sales Purchase Sales .. Purchase Units Acquired at Cost Units Sold at Retail 100 units @$10 - $1,000 200 250 units @ $15 = 3,750 20 400 units @$20 = 8,000 90 units @ $40 140 units @ $40 Oct. 5 Sales 300 units @ $40 Oct. 26 Purchase 600 units @ $25 = 15,000 Totals 1,350 units $27,750 530 units