nventory Methods 4 ! 72012 Required information You are the owner of a very small business that sells gourmet coffee. You sell only one product, a 12-ounce bag of whole-bean French roast coffee. You sell each bag of coffee for S14 each, but due to the fluctuation in commodity prices, the price you pay your supplier to stock the product is constantly changing. In your first month of operations, you bought bags of coffee from your supplier in the following order: (a) 1 units at $2 each on January 1, (b) 6 units at $4 each on January 8, and (c) 3 units at $7 each on January 29 ht 00:57.50 Requirement 2 of 2): Assuming you sold 6 units during the month, use the information from requirement 1 to calculate the gross profit for three alternative income statements (a) If the coffee business chooses FIFO (b) if the company chooses LIFO, and (e) if the company chooses weighted average cost. FIFO LIFO Weighted Average Cost Sales Reverie Cost of Goods Sold Gross Profit 9 Mc BE NAU