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Periodic and Perpetual Systems and Inventory Costing Methods E7A. During July 2014, Micanopy, Inc., sold 500 units of its product Empire for $8,000 The following units were available: Cost $ 2 4 Beginning inventory Purchase 1 Purchase 2 Purchase 3 Purchase 4 Units 200 80 120 300 180 6 12 A sale of 500 units was made after purchase 3. Of the units sold, 200 came from begin- ning inventory and 300 came from purchase 3. Determine cost of goods available for sale and ending inventory in units. Then determine the costs that should be assigned to cost of goods sold and ending inventory under each of the following assumptions. (For cach alternative, show the gross margin. Round unit costs to cents and totals to dollars.) 1. Costs assigned under the periodic inventory system using (a) the specific iden- rification method, (b) the average-cost method, (c) the FIFO method, and (d) the LIFO method. 2. Costs are assigned under the perpetual inventory system using (a) the average cost method, (b) the FIFO method, and (c) the LIFO method. Periodic Inventory System and Inventory Costing Methods E4A. In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows. June 1 4 12 16 24 Beginning inventory Purchase Purchase Sale Purchase Units 150 400 800 1,300 300 Amount per Unit S30 33 36 60 39 1. Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to cents and totals to dollars.)

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