required:

a) the company uses the perpetual inventory system and FIFO costing method. what is the balance in ending inventory and cost of goods sold for the period described above?

b) what is the gross margin for the company in that period?

The College Store Inc. inventory records showed the following data relative to a particular item sold regularly (transactions occurred in the order given): Transaction Units Unit Cost 1. Beginning Inventory 3,000 $5.00 2. Purchase 27,000 5.20 3. Sales (at $13 per unit) -10,500 4. Purchase 9,000 5.50 5. Sales (at $13.50 per unit) -24,000 6. Purchase 4,500 6.00 7. Ending Inventory 9,000