AP7-2A (Calculation of ending inventory, cost of goods sold, and gross marginperpetual 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:

Cost Sales

March 1 Beginning inventory 3,000 units $91,500

March 7 Purchase 1,000 units 40,000

March 8 Purchase 1,500 units 75,000

March 15 Sale 3,500 units $315,000

March 20 Sale 700 units 52,500

March 25 Purchase 500 units 15,020 March 27 Sale 1,200 units 72,000

Costless Company uses the perpetual inventory system. Required

Calculate Costless Companys cost of goods sold, gross margin, and ending inventory using:

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

Which cost formula produced the higher gross margin?

This is the question below:

AP7-3A (Calculation of ending inventory, cost of goods sold, and gross marginperiodic system) Redo Problem AP7-2A assuming that the company uses the periodic inventory system. Round weighted-average per unit cost to two decimal places.