Northeast Tire began May with 50 units of inventory that cost $264 each. During May, Northeast Tire completed these inventory transactions Click the icon to view the inventory transactions.) Required 1. The above data are taken from Northeast Tire's perpetual inventory records Which cost method does Northeast Tire use? 2. Compute Northeast Tire's cost of goods sold and gross margin for May under the a. Perpetual inventory system b. Periodic inventory system Requirement 1. The above data are taken from Northeast Tire's perpetual inventory records. Which cost method does Northeast Tire use? The Northeast Company uses FIFO Requirement 2. Computo Northeast Tire's cost of goods sold for May under tho a. Perpetual b. Periodic s Compute gross margin for May The gross margin for May is $0 i Transactions - X Units Unit Cost Unit Selling Price May 2 Purchase 12 $ 270 $ 8 Sale 27 264 360 13 Sale 23 264 360 Sale 3 270 370 17 Purchase 24 270 22 Sale 31 270 370 29 Purchase 24 290 Print Done 1:30 PM