oil,ll 19.9KB/S 18:23 63% ( r Assignment 4.docx Chapter 7 Stewart Co.'s beginning inventory and purchases during the year ended December 31, 2010, were as follows: Units Unit Cost Total Cost Jan. 1 Inventory 1,000 $50.00 $50,000 Mar. 10 Purchase 1,200 52.50 63,000 Jun. 25 Sold 800 units Aug. 30 Purchase 800 55.00 44.000 Oct. 5 Sold 1,500 units Nov 26 Purchase 2.000 56.00 112,000 Dec. 31 Sold 1,000 units Total 5,000 $269.000 Instructions: 1. Determine the cost of inventory on December 31, 2010, using the perpetual inventory system and each of the following inventory costing methods: a) fist-in, first-out and b) last-in, first-out. 2. Determine the cost of inventory on December 31, 2010, using periodic inventory system, and average cost method. Assume that during the fiscal year ended December 31, 2010, sales were $290,000. What was the gross profit using perpetual inventory system and FIFO