10 points Make sure that you show your calculations. Normandy Company has collected the following inventory data prior to preparing financial statements for the month of October. All purchases and sales are on credit. Units 10/1 Inventory Unit Cost Total Cost 30 $ 3 $ 90 Sales Price 10/6 Purchase 70 $ 4 $ 280 10/11 Purchase 45 $ 5 $ 225 10/16 Purchase 50 $ 6 $ 300 10/30 Purchase 100 $ 7 $ 700 Goods available 295 $ 1,595 10/12 Sale 10/20 Sale Goods sold 10/31 Inventory 40 60 100 195 $ 11 22 SS 10 Assuming the periodic inventory system is used, determine the cost of the ending inventory and cost of goods sold using FIFO. Prepare the appropriate journal entries to record: (10 marks) (A) The October 6 purchase. (B) The October 12 sale. (C) The entries to close the October income statement items to Income Summary. (Assume that sales revenue and the elements of cost of goods sold are the only income statement items.) Your answer Apply the retail method to the following information and calculate the cost of the ending inventory: (6 marks) Beginning inventory Cost Retail Net purchases Sales Your answer $16,800 $31,600 47,500 97,000 89,000 Rudd Company made the following merchandise purchases during the current year: Jan. 1 380 units at $15.00 May 1 270 units at $20.00 June 1 300 units at $24.00 Oct. 1 250 units at $30.00 5 points There was no beginning inventory, but ending inventory consisted of 400 units. If Rudd uses the moving-average cost method and the periodic inventory system, what would be the cost of the ending inventory? (5 marks) Your