Manchego Co. uses a periodic inventory system and had the following activity for a single inventory item:

Dates	Number of Units	Cost per unit
Sept 1 Inventory	140	$ 2.50
Purchases
Sept 5	200	$3.50
Sept 10	140	$4.50
Sept 15	160	$5.50
Sales
Sept 11	250
Sept 19	150

Instructions

A) Determine the ending inventory and cost of goods sold using:

i) FIFO

ii)Weighted-average (round unit cost to nearest cent)

B) Assuming each unit was sold for $7.00 calculate the Gross Margin for September.