Use the following data to answer the next three questions. Each answer is worth 5 points.

Inventory purchase and sales data for Elora Danan are as follows. Elora Danan uses a periodic inventory system. (Note: There was no inventory before the purchase made on February 4.)

Purchased on February 4 -- 50 units, $5 cost per unit

Purchased on February 9 -- 200 units, $6 cost per unit

Purchased on February 25 -- 150 units, $7 cost per unit

Sold on February 18 -- 220 units, $10 selling price per unit

Question 1: The company uses AVERAGE COST. Compute ENDING INVENTORY for February. Write the dollar amount of your answer (do not write the dollar sign).

Ending Inventory using Average Costs:

For the next two questions, now assume Elora Danan uses a PERPETUAL inventory system.

Question 2: Assume that the company uses FIFO. Compute GROSS PROFIT for February. Write the dollar amount of your answer (do not write the dollar sign).

Gross Profit using FIFO Costs:

Question 3: Assume that the company uses LIFO. Compute COST OF GOODS SOLD for February. Write the dollar amount of your answer (do not write the dollar sign).

Cost of Goods Sold using LIFO Costs: