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  3. units sold at retail units acquired at cost 190 un

Units Sold at Retail Units Acquired at Cost 190 units@ $2 = $ 380 122...

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Accounting

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Units Sold at Retail Units Acquired at Cost 190 units@ $2 = $ 380 122 units @ $8 Date Activities Jan. 1 Beginning inventory Jan. 3 Sales Feb.14 Purchase Feb. 15 Sales June 30 Purchase Nov. 6 Sales Nov. 19 Purchase 300 units@ $3 = $ 900 210 units @ $8 240 units@ $4 = $ 960 176 units @ $8 80 units@ $5 = $ 400 810 units $2,640 Totals 508 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

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