Question a b c d Late Total Total marks 30 30 20 20 100 Your marks Date Item Aug 1Beginning balance Assume an outlet of The Runner's Store has the following data: Unit Costs Sale Price $40 Quantity 40 Sale 16 $70 SPurchase 11Sale 80 41 34 70 19Sale 24Sale 30Purchase 9 72 30 72 18 42 Requirements: a) Calculate the Cost of Goods Sold and Ending Inventory using FIFO method. b) Calculate the Cost of Goods Sold and Ending Inventory using Weighted Average method. c) Calculate the gross profit under FIFO and Weighted Average method. d) Prepare the journal entries for August 3 and August 8 based on FIFO method. a) FIFO Date Opening and Purchases Unit Unit Amount Unit Cost Cost of Goods Sold Balance Unit Amount Unit Unit Amount Cost Cost