Gabbins Ltd$.$ uses a perpetual inventory system. On March $1,2023$ they have beginning inventory as follows: Units

Unit Cost

March $1-$ beginning inventory

$100$

$$50$

On March $13$th$,$ Gabbins purchased $150$ units at a cost of $$55/$unit$.$

On March $21$st$,$ Gabbins sold $220$ units at a price of $$70/$unit$.$

Instructions

Calculate the Cost of Goods Sold, ending Inventory balance, and Gross Profit using the FIFO Inventory costing method. $(6$ marks$)$

Explain the difference between FIFO, Weighted Average, and Specific Identification inventory costing methods including what type of inventory would be best suited for each method. $(4$ marks $-$ be sure to provide four distinct differences$)$