1. The following data regarding purchases and sales of a commodity were taken from the inventory records: (a) Assuming a perpetual inventory system, determine both cost of merchandise sold during the month and the ending inventory balance using (1) the first-in, first-out (FIFO) method, and (2) the last-in, first-out (LIFO) method. 2. (a) Based on the information below, and assuming a 365 day year, compute: (1) Inventory turnover (2) Average daily cost of merchandise sold (3) Number of days' sales in inventory If an inventory turnover of 6.3 is average for the industry, how is this company doing