Required: (a) Based on the information given below, calculate Cost of Goods Sold and Ending Inventory using the FIFO method. (b) Calculate Cost of Goods Sold and Ending Inventory using the LIFO method. (c) Calculate Cost of Goods Sold and Ending Inventory using the Weighted Average Method. (d) Calculate Gross Profit under all three methods. Given Information: Sales = Answ 8,500 units 30 Sale Price = (a) FIT Date Beginning March 12 June 5 October 22 Number of Units 1,200 2,200 2,700 3,900 Unit Cost 10.25 10.30 10.40 10.60 Total Cost 12,300 22,660 28,080 41,340 Totals 10,000 104,380 Ihrer Answers: (a) FIFO Units Sold ? 7 ? ? Cost of Goods Sold ? ? 2 ? Units Remaining ? ? 2 7 Ending Inventory 2 ? 2 ? ? ? 2 ? (b) LIFO Units Sold ? ? 2 7 Cost of Goods Sold ? ? ? 2 Units Remaining ? ? 2 ? Ending Inventory ? ? 2 2 2 (c) Weighted average cost Units Sold 2 Cost of Goods Sold 2 Units Remaining Ending Inventory (d) Calculate gross profit Weighted average Sales revenue Cost of goods sold Gross profit FIFO ? 7 2 LIFO 7 ? ? ? 2