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Gavin Products uses a perpetual inventory system. For Year 1 and Year 2, Gavin has...

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Accounting

Gavin Products uses a perpetual inventory system. For Year 1 and Year 2, Gavin has the following data:
Activity Units Purchase Price
(per unit) Sale Price
(per unit)
Year 1
Beginning inventory 200 $9
Purchase 1, Feb. 1530011
Sale 1, Mar. 10320 $25
Purchase 2, Sept. 1550012
Sale 2, Nov. 355025
Purchase 3, Dec. 2015013
Year 2
Sale 3, Apr. 420025
Purchase 4, June 2520014
Sale 4, Dec. 1815025
Required:
1. For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using FIFO.

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