Ch 5 E17 and Start of E18 Ch 5 E18 Second Part Answer after completing the table. Sum the following: Gross profit for Specific Identification Cost of Goods Avaliable for Sale for FIFO Cost of Goods Sold for LIFO $1,396 $1,373 O $1,343 $1,358 18. Valuing Inventory (LO 5.2) On August 4, Big Luggage Super Store (BLSS) had eight identical black briefcases in stock. The cost of each brief- case is given in the following list in the order that the briefcases were purchased. On August 4, BLSS sold three black briefcases for $200 each. $87 89 1st briefcase 2nd briefcase 3rd briefcase 4th briefcase 5th briefcase 6th briefcase 7th briefcase 8th briefcase $ 95 99 101 104 90 93 Required: Complete the following table. For the specificidentification method, assume that the three briefcases sold were the 3rd, 5th, and 8th ones purchased. FIFO LIFO Specific ID Cost of Goods Available for Sale -Ending Inventory = Cost of Goods Sold Revenues -Cost of Goods Sold = Gross Profit