17 A company uses a periodic inventory system and reports purchases and sales data for its only product. Date April 1 April 3 Activities Beginning inventory Units Acquired at Cost 190 units $7.00 $1,330 Units sold at Retail April 18 April 22 April 30 Sales Purchase Sales Purchase Totals 150 units $ 16.00 110 units $ 6.00- 280 units 580 units 660 130 units @ $ 16.00 $ 5.50 1,540 $ 3,530 280 units Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted aw FIFO, and (d) LIFO. 2. Compute gross profit for the four inventory methods. Enter answers in the tabs below. Req 1A Req 18 Req1C Req1D Req 2 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Goods Number of Cost per Number of Available Cost per Cost of Goods units unit units sold unit for Sale Sold Number of units in inventory Ending Inventory Cost per unit Ending Inventory Beginning inventory 190 7.00 $ 1,330 Purchases: April 18 110 6.00 660 April 30 280 5.50 1,540 Total 580 + $ 3,530 0 $ 0 0 $ 0