Part A: (20 marks) Your company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using (a) FIFO (using a table is optional) and (b) Weighted Average method (using a table is mandatory). Round all amounts to 2 decimals. Date Activities Units Aug 1 Beginning Inventory 155 units Acquired at Cost @ $15.00 Units Sold at Retail 5 Purchase 120 units $20.00 8 Sales 130 units $30.00 10 Purchase 250 units @ $20.00 16 Sales 300 units @ $35.00 26 Purchase 160 units @ $21.00 30 Sales 150 units $38.00 Part B: (5 marks) Your company's inventory manager receives compensation that includes a bonus based on gross profit. You discover that the inventory manager has knowingly overstated ending inventory by $1 million. 1. What effect does this error have on the financial statements of your company and specifically gross profit? 2. Why would the manager knowingly overstate ending inventory? (3 marks) (2 marks)