for each year compute cost of goods sold, cost of ending inventory, and gross margin using FIFO, LIFO, and average cost method. also calculate gross profit ratio amd inventory turnover ratio under each method.

Problem 6-68A Inventory Costing Methods Gavin Products uses a perpetual inventory system. For 2018 and 2019, Gavin has the following data: Purchase Price (per unit) Sale Price Activity 2018 Beginning inventory Purchase 1, Feb. 15 Sale 1, Mar. 10 Purchase 2, Sept. 15 Sale 2, Nov. 3 Purchase 3, Dec. 20 2019 Sale 3, Apr. 4 Purchase 4, June 25 Sale 4, Dec. 18 Units (per unit) 200 300 320 500 550 150 $9 $25 12 25 13 200 200 150 25 14 25