Welch Company accounts for a product it sells using the LIFO periodic inventory procedure. Product data for the year ended December 31, 2011, are shown below. Merchandise inventory on January 1 was 3,000 units at $14.40 each. Purchases Sales Unit Cost 4,000 $28.80 15,000 32.40 16,00036.00 3,000 39.60 Unit Units Units 6,000 Cost $18.00 January 10 anuary 5 March 31 18,000 21.60 April2 August 12 December 26 12,000 27.00 August 22 6,000 28.80 December 24 Required a. Compute the gross margin earned on sales of this product for 2011. b. Repeat part a assuming that the December 26 purchase was made in January of 2012. c. Recompute the gross margin assuming that 10,000 rather than 6,000 units were purchased on December 26 at the same cost per unit. d. Solve parts a, b, and c using the FIFO method