Use the following information for the Exercises below. b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

(c) Compute the gross margin for each method.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

270

units

@ $12.80

=

$

3,456

Jan.

10

Sales

220

units

@ $42.80

Mar.

14

Purchase

400

units

@ $17.80

=

7,120

Mar.

15

Sales

340

units

@ $42.80

July

30

Purchase

470

units

@ $22.80

=

10,716

Oct.

5

Sales

440

units

@ $42.80

Oct.

26

Purchase

170

units

@ $27.80

=

4,726

Totals

1,310

units

$

26,018

1,000

units