Elsinore Sporting Goods began March with 50 units of inventory that cost \(\$ 19\) each. The sale price of each was \(\$ 36\). During March Elsinore completed these inventory transactions:

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1. The above data are taken from Elsinore's perpetual inventory records. Which cost method does Elsinore use?
2. Compute Elsinore's cost of goods sold for March under the

a. Perpetual inventory system

b. Periodic inventory system 3. Compute gross margin for March.

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Unit Unit Units Cost Sale Price March 2 Purchase 12 S20 $37 8 Sale 27 19 36 13 Sale 23 19 36 1 20 37 17 Purchase 24 20 37 22 Sale 31 20 37 29 Purchase 24 21 39