$A_7-2A($Calculation of ending inventory, cost of goods sold, and gross margin$-$perpetual system$)$ Costless Company sells discounted shoes to the fashion$-$oriented consumer.

The following schedule relates to the company's inventory for the month of March:

Costless Company uses the perpetual inventory system.

Required

a$.$ Calculate Costless Company's cost of goods sold, gross margin, and ending inventory using:

i$.$ FIFO

ii$.$ weighted$-$average. Round per unit cost to two decimal places.

b$.$ Which cost formula produced the higher gross margin?

AP$7-3$A $($Calculation of ending inventory, cost of goods sold, and gross margin$-$periodic system$)$

Required

If your instructor has assigned the Appendix to this chapter, redo Problem $A{P}_7-2$A assuming that the company uses the periodic inventory system. Round weighted$-$average per unit cost to two

decimal places.