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1. Nelson Company has the following data on a knee brace product. Nelson Company uses the periodic inventory system, updated monthly. Date Units Cost/Unit Selling

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1. Nelson Company has the following data on a knee brace product. Nelson Company uses the periodic inventory system, updated monthly. Date Units Cost/Unit Selling Price/Unit $55 $80 $60 Aug. 1 Beg. Inventory Aug. 3 Sale Aug. 6 Purchase Aug. 11 Sale Aug. 13 Sale Aug. 17 Purchase Aug. 21 Sale Aug. 31 Sale 100 100 160 65 55 120 90 20 $88 $90 $50 $86 $88 a. Find the gross margin for the month using FIFO. b. Find the dollar value of the ending inventory using FIFO

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