1. The Coffee & Cream Company's inventory records reflect the following for the month of October 2016: Oct. 1 Beginning Inventory Oct. 12 First Purchase Oct. 18 Cash Sales Oct. 21 Second Purchase Oct. 25 Third Purchase Oct. 31 Cash Sales units 950 @ $4.25 800 @$4.75 1,500 @ $9.00 600 @ $4.80 300 @ $4.85 1,000 @ $9.50 Assuming that Coffee & Cream Company uses the FIFO cost flow method in a perpetual inventory system calculate the following: a. Cost of Goods Sold for the month of October 2016 1500x9 = 13,500 1000X9.5 = 9,500 b. Gross Margin for the month of October 2016