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Assignment Part 2: Inventory ABC CO. is a partnership firm of 3 friends Alpha, Beta and Conny. They sell car wash cleaners. They use perpetual inventory system and made purchases and sales of a product in 2020 as fallows Part 1 Date Inventory Units Prices Total Jan 1 Bes. Inventory 110 7.00 (C.PL 770 Jan 10 Sold 80 @ 15.SOS.P) 1240 Feb 7 Purchased 300 6.30 (CP) 1890 Feb 15 Sold 130 @ 15.50 (S.P) 2015 Mar 10 Purchased 550 6.10 (CP) 3355 Mar 27 Purchased 500 6.00 (C.P) 3000 Mar 29 Sold 6700 15.50 5.P 10385 S.P. Selling Price C.P - Cost Price Ques: Calculate the Gross profit and Cost of Good Sold for ABC. Co by using perpetual inventory system for Part 1 a FIFO b. Moving Weighted Average Method (COGS: a)$S527b) $5476) Part 2 ABC are now in the month of July and make purchases and few sales. Calculate the Gross profit and Cost of Good Sold for ABC. Co by using perpetual inventory system a FIFO b. Moving Weighted Average Method (COGS: a) $11388 b) $11484) Total 1240 1890 Date July July 7 July 10 July 15 July 10 July 29 Inventory Units Beg. Inventory 21 Purchases 66@ Purchases 116 Sale 61 @ Purchases 62 @ Sales 152 Price $ 46 (C.P) 51 (C.P) 56 (C.P) 130 (S.P] 56 (CP) 130 (S.PH 2015 3355 10385 S. Pe Selling Price CP Cost Price