phapter 6 End-of-Chapter Quiz SUBMIT IN WORD or PDF FORMAT VIA THE CANVAS ASSIGNMENT SUBMISSION FUNCTION CLEARLY PRINT YOUR NAME AND ASSIGNMENT NAME AT THE TOP OF EACH PAGE REI carries the \"Desert Rat" hiking boot whose sales are directed at Sonoran desert areas such as Arizona. The Scottsdale REI store uses a perpetual inventory system for tracking its inventory of boots. Its beginning inventory, purchases and sales for May are as follows. Units Sold Unit Date Activity Units Acquired at Cost at Retail Inventory 5/ 1 Reg Inv 10 Units @ $ 91 = 910 10 Units 5/ 3 Purchase 15 Units 6 $106 = $1,590 25 Units 5/14 Sales 20 Units @5130 5 Units 5/17 Purchase 20 Units @ $115 = $2,300 25 Units 5/23 Purchase 10 Units 8 $119 = $1,190 35 Units 5/31 Sales 23 Units @$150 12 Units Goods Available For Sale 55 Units Units Sold 43 Units Units in Ending Inventory 12 Units Notice: Goods Available for Sale = Units Sold + Units in Ending Inventory Requirements: 1.Calculate the dollar Cost of Goods Available for Sale. 2.Apply the LIFO and FIFO methods of inventory costing to calculate the dollar value of ending inventory and cost of goods sold. 3.Compute gross profit for each of the costing methods