The following table uses the four inventory costing method and displays the cost of ending inventory for Click Cameras. Specific Identification FIFO LIFO Weighted Average Cost $21,476.00 $21,581.40 $21,410.93 $21,447.36 Click Cameras also reported the following amounts: Net sales $53,874.92 Purchases available for sale $57,621.31 Instruction: Use the information given above and determine the cost of merchandise sold and the gross profit on sales for each of the inventory costing methods. Part 2 (15 points): Two Wheels operates on a fiscal year beginning January 1. At the beginning of the year, the shop had 6 bicycles @$394 each (opening inventory). During the year the business made the following purchases: Date Bicycle Cost Jan.20 4 $399 Mar. 5 5 $415 Apr. 23 7 $419 Aug. 14 4 $423 Oct. 3 6 $430 Nov. 17 3 $435 There were seven bicycles in inventory at the end of the period. During the year, the bicycles were sold for $675 each. Instructions: Calculate the cost of the ending inventory using the FIFO, LIFO, and weighted average cost methods. Prepare a partial income statement for each inventory costing method showing the sales and the calculation of gross profit on sales. Assume that the sales and purchases are net amounts