21 Points Using the information given, fill in the charts below to calculate the total cost of goods sold and total ending inventory amounts for a Company that uses Units Cost Units Retai Aug 1 Beginning Inventory 30 SM Aug 5 Purchase 40 $30 Aug 10 Sales 20 $30 Aug 12 Purchase 25 $35 Aug 21 Sales 50 $30 a) FIFO perpetual inventory system DATE PURCHASES COST OF GOODS SOLD INVENTORY BALANCE Total COGS Ending Inventory (Dollars) Which method (FIFO or LIFO) from the above calculations results in a higher Gross Profit? What was the amount of Gross Profit? Method Gross Profit Total COGS Ending Inventory (Dollars) Which method (FIFO or LIFO) from the above calculations results in a higher Gross Profit? What was the amount of Gross Profit? Method Gross Profit