Calculate cost of goods sold, ending inventory, and inventory turnover ratio. (LO 3,6) The following merchandise inventory transactions occurred during the month of November for Party Heaven Inc.

November 16 Purchased 4,000 units at \(\$ 4.40\) each November 23 Sold 4,300 units at \(\$ 6.00\) each November 29 Purchased 5,000 units at \(\$ 5.00\) each \section*{Required}

a. Assume Party Heaven uses a periodic inventory system and compute the cost of goods sold for the month ended November 30 and ending inventory at November 30 using each of the following cost flow methods:
1. FIFO 2. LIFO 3. Weighted average cost

b. Using the information for item

a, calculate the inventory turnover ratio and days in inventory for the month of November for each method.

c. Assume Party Heaven uses the perpetual inventory system and compute the cost of goods sold for the month ended November 30 and ending inventory at November 30 using each of the following cost flow methods:
1. FIFO 2. LIFO