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 cost of goods sold using

(a) FIFO and

(b) LIFO. Compute the gross margin for each method.1;1;

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