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Harold Co. reported the following current-year purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at...


Harold Co. reported the following current-year purchases and sales data for its only product.

Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 110 units @ $10.40 = $ 1,144
Jan. 10 Sales 100 units @$40.40
Mar. 14 Purchase 260 units @ $15.40 = 4,004
Mar. 15 Sales 150 units @$40.40
July. 30 Purchase 410 units @ $20.40 = 8,364
Oct. 5 Sales 290 units @$40.40
Oct. 26 Purchase 610 units @ $25.40 = 15,494




Totals 1,390 units $ 29,006 540 units

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO
Compute the gross margin for FIFO and LIFO method.

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