11:45 C Ve, 4E+ 85 TUTORIAL Q INVENTORY COSTING METHODS Tags + kpectic identification, (Round al amounts to eents.) 4. Compute gross profit earned by the company for ench of the four eosting methods in part 3. Problem 5-7 B^(A) Periodic: Altemative cost flows [ P P3 Seneca Ca. beenn the year with 6,500 units of product in its Januan I inventory costime $3.5 ench. It made foar parchases of its prodoct during the year at follows. The company uses a periodic inventory sssem. On December ln 4 11,500 unts po $33 each May in 13,400 unks o 532 each her 9 11,000 untes v $20 exch NoE 21 7.000 unts $527 esch Required Compute the number and tocal cost

4. Compute gross profit earned by the company for ench of the four costing methods in part 3. Problem 5-7B Periodic: Alternative cost flows [P3 Seneca Co, bepan the year with 6,500 units of product in its January 1 inventory costime $.35 ench. It made four parchase of its prodact during the year as follows. The company ases a periodic inventory system. On December 11. a ploysical count fereals that 8,500 units of its prodect temain in imventory. Required 1. Congute the number and tocal cost of the units uvailable for sale during the year. 2. Compute the amounts assigned to ending inventory and the cont of poods sold uting (a) FIFO, (b) LIFO, and (c) weighted averaye, (Round all amounsts to cents.)