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CPA Auto Supplies made the following purchases and sales of windshield wipers during March: Required 1. Assuming CPA Auto Supplies uses a perpetual inventory system,

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CPA Auto Supplies made the following purchases and sales of windshield wipers during March: Required 1. Assuming CPA Auto Supplies uses a perpetual inventory system, calculate the cost of goods sold during March using (a) the moving-weighted-average-cost method and (b) FIFO. Round all average amounts to the nearest cent. 2. Now assume CPA Auto Supplies uses a periodic inventory system. Calculate the cost of goods sold during March using: (a) the weighted-average-cost method (b) FIFO. Round all average amounts to the nearest cent. (c) Calculate gross margin for both methods. Which is higher? 3. What do you notice when you compare the FIFO results from Requirement 1 and Requirement 2 ? a) Weighted-Average b) FIFO

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