+ 2 3 A B C FIFO (First In, First Out), (7 marks) You can add columes andor rows if you need more space C See "Copy of Question" tab if you accidently delete any part of the questio Suki Supplies uses a perpetual inventory system. Please answer the following questions related to the information provided for the month's transactions. Assume that Soki uses the FIFO method. FIFO perpetual Purchases Sales Date Units Unit Cost Units Unit Price 1-Jul 200 $4.00 10 3-Jul 50 $5.40 4-Jul 170 $10.00 2 B 10-Jul 26-Jul 40 $5.00 60 $11.00 28-Jul 100 $6.00 31-Jul 75 $11.50 REQUIRED: Please prepare your calculations in the template on the right. Answer the questions below in the spaces provided. What is the Cost of Goods Sold for the month using the FIFO method? (I mark) GS= what is the ending inventory amount that would appear on the Statement of ncial Position (also known as the Balance Sheet) for Suki Supplies using FO method? (1 mark) Your Name PIPO Date Purchases Cost of Goods S Ending Sy Units Cost T Uus C Toma Com 18 Please prepare your calculations in the template on the right. 19 Answer the questions below in the spaces provided. 20 21 22 1. What is the Cost of Goods Sold for the month using the FIFO method? (1 mark) 23 COGS= 24 25 2. What is the ending inventory amount that would appear on the Statement of 26 Financial Position (also known as the Balance Sheet) for Suki Supplies using the FIFO method? (1 mark) 27 28 29 Ending inventory= 30 31 3. What is the journal entry(s) that Suki Supplies would prepare on July 4 using 32 the FIFO method? Assume the transaction was on account. (3 marks) 33 34 35 Date 36 37 38 General Journal Account Titles Debit Credit KANN FIFO Question Copy of Question New.... You can use the following space for yo MacBook Air Count. (3 marks) 133 34 35 Date General Journal Account Titles Debit Credit 36 37 38 39 40 41 42 43 44 4. What is the gross profit on the July 4 transanction using the FIFO method? (1 mark) 45 46 47 48 49 GP= 50 5. What is the ending inventory in Units for the month using the FIFO method? 51 (1 mark) 52 53 Ending inventory units: FIFO Question Copy of Question New.... You can use the following space for your sough work, if needed