Given the information below, fill in the missing information:

1/20 Purchased Units 75 @ $17 = $1,275

4/21 Purchased Units 450 @ $19 = $8,550

7/25 Purchased Units 200 @ $23 = $4,600

9/19 Purchased Units 100 @ $29 = $2,900

Available for Sale 825 $17,325

During this year, Bristol Sales sold 775 DVDs for $60 each.

Finish these equations:

FIFO

Sales

Cost of Goods Available for Sale – Ending Inventory = Cost of Goods Sold

What is the Gross Margin under FIFO?

LIFO

Sales

Cost of Goods Available for Sale – Ending Inventory = Cost of Goods Sold

Cost of Goods Sold

What is the Gross Margin under FIFO?

What is the difference in Gross Margin between FIFO and LIFO?