Question 6 The following table shows the flow of inventory in chronological order. October 1 4 12 16 24 31 Beginning Inventory Purchase Purchase Sale Purchase Ending Inventory Units 150 400 800 1,300 400 450 $/unit 20 30 32 50** 42 * Selling price Instructions (1) Assume the company follows a perpetual system. Using FIFO method, compute the cost of goods sold, the value of ending inventory and gross margin. (2) Assume the company follows a perpetual system. Using the moving average-cost method, compute the cost of goods sold, the value of ending inventory and gross margin. (3) Assume the company follows a periodic system. Using the total average-cost method, compute the cost of goods sold, the value of ending inventory and gross margin.

The following table shows the flow of inventory in chronological order. Instructions (1) Assume the company follows a perpetual system. Using FIFO method, compute the cost of goods sold, the value of ending inventory and gross margin. (2) Assume the company follows a perpetual system. Using the moving average-cost method, compute the cost of goods sold, the value of ending inventory and gross margin. (3) Assume the company follows a periodic system. Using the total average-cost method, compute the cost of goods sold, the value of ending inventory and gross margin