Question: Question No 2. (Marks 5) The inventory records for a Co. reflected the following Beginning inventory 100 units @$4.00 First Purchase May7 300 units@$4.40 Second

Question No 2. (Marks 5) The inventory records for a Co. reflected the following Beginning inventory 100 units @$4.00 First Purchase May7 300 units@$4.40 Second Purchase May 17 400 units@$4.60 Third Purchase May 23 150 units@$4.80 During the year Co. sold 850 units @ $7.80 a. Determine the amount of cost of goods sold assuming the LIFO cost flow method. [2] b. Determine the amount of gross margin assuming the LIFO method. [2.5] c. Determine the amount of gross margin assuming weighted average method [2.5]

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