Styles QUESTION 2. (40 POINTS) Gamma Company had a beginning inventory of 30 units at a cost of $2 per unit. Below you will find information related to purchases and sales for the month of July 2020. PURCHASES Date Description Units July 10 Purchased 100 20 Purchased 40 Unit cost 4 6 SALES Date Description Units Unit price July 9 Sold 20 10 14 Sold 70 10 28 Sold 30 10 Required: a) Assuming the company uses the Fifo cost flow assumption and a periodic inventory system determine the following costs: (15 points) Show value here Show calculations here Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory COGS ENG 10:27 10/08/202 Cd (body 24 BI Uabe X, X A7-A-SE AaBbCcl AaBE 1 Normal at Painter No Spa Font 11 12 13 43 Paragraph 910 11 2 6 12 13 14 15 17 18 b) Assuming the company uses the average cost flow assumption and a perpetual inventory system calculate Ending Inventory and COGS using the table below (or you can use the space after the table) (15 points) DATE SALES PURCHASES Unit Cost Total Cost Units BALANCE (INVENTORY) Units Unit Cost Total Cost Units Unit Cost Total Cost 1 9 10 14 20 28 COGS Ending Inventory c) Do you agree with the following statement (explain) (10 points) "Application of El cost flow assumption never results in a lower Gross Profit compared to Average cost flow assumption" 623 WORDS C ENGLISH (UNITED STATES)