Pemberton Company began March with $40$ units of inventory that cost a total of $$800.$ During March, Pemberton purchased and sold goods as follows:

$(3.($Click the icon to view the transactions.$)$

Calculate the gross margin amount using the FIFO method assuming Pembertonuses a periodic inventory system.

Before we can calculate gross margin, we must first determin

$\backslash$table$[[$Beginning inventory$],[$Ending inventory$]]$

$$

$$

$$

Cost of goods available for sale $$

Less: $$

$$

Cost of goods sold $$

Now we are able to determine gross margin, under the FIFC

Cost of goods available for sale $$ Cost of goods sold

$$

Gross margin

$$

March

$8$

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by determinin $$ More info

$\backslash$table$[[$March$,8,$Purchase: $60$ units at $$12\mathrm{.}50$