Problem 6-3A Pronghorn-Mart Centre Inc. began operations on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Purchases Sales Date Units Unit Cost Units Unit Price May : 120 $102 3 80 $259 113 80 282 15 60 118 20 60 308 27 40 332 Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers to 2 decimal places, e.g. 5.75.) FIFO Average Cost of Goods Sold Ending Inventory LINK TO TEXT LINK TO TEXT Which cost formula produces the higher gross profit and net income? LINK TO TEXT LINK TO TEXT Which cost formula produces the higher ending inventory valuation? LINK TO TEXT LINK TO TEXT Which cost formula produces the higher cash flow? LINK TO TEXT LINK TO TEXT By accessing this question Assistance, you will learn while you can points based on the Point Potential Policy set by your Instructor Question Attempts: 0 of 5 used