Question #1:

Question #2:

HELP WITH QUESTION #2 Please

During the year, Masks R Us Corporation has the following inventory transactions. For the entire year, the company sells 440 units of inventory for $60 each. Required: 1. Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit. (a) Date \# Units Unit Cost Ending Inv. (c) Sales revenue = Units sold Sales price (d) Gross profit = Sales revenue Cost of goods sold 2. Using LIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit. (c) Sales revenue = Units sold x Sales price (d) Gross profit = Sales revenue Cost of goods sold 2. Using weighted-average cost, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit. Weighted-average cost = Total inventory cost / Total inventory units (a) (b) (c) (d) 4. Determine which method will result in higher profitability when inventory costs are rising. JC Bikes has the following transactions during May. 1. Analyze and record the transactions of JC Bikes, assuming the company uses a perpetual inventory system. 5/2/2023 Purchased bikes on account from Bikers R Us Wholesale for $3,300, terms 1/10,n/30. 5/3/2023 Paid cash for freight costs of $200 on bikes purchased from BRU. 5/5/2023 Returned bikes with a cost of $400 to BRU because part of the order was incorrect. D 5/10/2023 Paid the full amount to BRU. 5/30/2023 Sold all bikes purchased on May 2 (less those returned on May 5) for $4,000 on account. 2. Assume that payment to BRU is made on May 24 instead of May 10. Record this payment