Units Sold at Retail Units Acquired at Cost 100 units @ $2 = $ 200 86 units @ $8 138 units @ $3 - $ 414 Date Activities Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Purchase Feb. 15 Sales June 30 Purchase Nov. 6 Sales Nov.19 Purchase Totals 120 units @ $8 150 units @ $4 = $ 600 122 units @ $8 44 units @ $5 = $ 220 432 units $ 1,434 328 units Required: The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 100 @ $ 2.00 = $ 200.00 January 1 January 3 February 14 Perpetual FIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance Date January 1 100 @ $ 2.00 $ 200.00 January 3 86 a $ 2.00 $ 172.00 14 @ $ 2.00 = $ 28.00 February 14 138 @ $ 3.00 14 @ $ 2.00 $ 28.00 138 @ $ 3.00 = 414.00 $ 442.00 February 15 $ 2.00 $ $ 28.00 32 @ $ 2.00 $ 64.00 14 @ 106 @ $ 3.00 = 318.00 @ $ 3.00 $ 346.00 $ 64.00 June 30 150 @ $ 4.00 @ $ 2.00 @ $ 3.00 @ $ 4.00 November 6 32 90 November 19 44 @ $ 5.00 44 @ $ 5.00 220.00 Totals $ 518.00 $ 220.00 Cost per Date # of units # of units sold Cost per Cost of Goods unit Sold # of units unit Cost per Inventory unit Balance $ 2.00 = $ 200.00 January 1 100 @ January 3 86 @ $ 2.00 $ 172.00 14 @ $ 2.00 = $ 28.00 February 14 138 @ $ 3.00 14 @ $ 2.00 $ 28.00 414.00 138 @ $ 3.00 $ 442.00 February 15 @ $ 14 @ $ $ 2.00 $ 3.00 0.00 360.00 $ 360.00 $ 2.00 $ 3.00 = 28.00 54.00 120 @ 18 @ $ $ 82.00 June 30 14 18 150 November 6 14 18 28 November 19 14 18 28 44 Totals $ 532.00 FIFO: LIFO: Sales revenue Cost of goods sold Gross margin $ 0 $ 0