Date Quantity Unit Cost Total Cost 111/22 Beg. inventory 6,000 $14.20 $85,200 February - Sales 3,500 April Purchases 5,000 $15.00 $75,000 June - Sales 4,000 August Purchases 3,400 $15.25 $51,850 WW W"1,6m$15.50 $24,800 W350i) 1. Complete the FIFO perpetual schedule from the work paper provided. 2. Complete the LIFO perpetual Schedule from the work paper provided. 3. Compute the income statement through gross profit assuming the Sales was $330,000 for the yea in the attached work paper. 4. Assume that a physical count of the inventory was taken at December and there were only 1,700 units that were available for sale. Assume that the remaining inventory was damaged and unsalable. Record the adjusting entry for inventory shrinkage using both the FIFO and LIFO method. 5. Assume for part 5 that Gant is using the FIFO Method. Is Gant doing a betterjob controlling inventory in 2022 or 2021. In order the determine this you will need to compute the inventory turnover for 2022 and 2021. For 2021, assume that the cost of goods sold was $230,000 and the Inventory as of 1/1121 was $91,000. (Make sure to take into account the inventory shrinkage in par 4 when applying the FIFO method. 6. A. What are the reasons why the FIFO method best reflects the results of operations? B. What are the reasons why the LIFO method best reflects the results of operations? C. What are the advantages and disadvantages of using the Perpetual Inventory system as contrasted with the periodic system