2. Frobisher Ltd. provides the following information concerning one of its product lines. 15 marks] Transaction Price/Cost Date October 31 uantity (# units Beginning invento .500 S12 16 35 November9 Purchase Sale Purchase Sale November 11 3.500 2,700 2,900 November 15 November 29 35 Calculate the following: [answer can be on accounting or lined paper or Excel spreadsheet] a. Sales at November 1h, November 29h and total for the month of November [I mark] b. Cost of goods sold, gross margin ($ and %) and ending inventory balance for the sales transactions at November 11th and November 29th using the periodic inventory system and FIFO cost formula [4 marks] Cost of goods sold, gross margin ($ and %) and ending inventory balance for the November 11th and November 29th sales transactions using the periodic inventory system and the weighted average cost formula [3 marks] Cost of goods sold, gross margin ($ and %) and ending inventory balance for the November 11h and November 29th sales transactions using the perpetual inventory system and the moving average cost formula [5 marks] c, d. e. Ifyou worked for Frobisher, which inventory system and cost formula would you recommend and why. [2 marks] 3. A review of the inventory records and reported net income for Glaetzer Corp. found the following information: 7 marks] Year 2014 2015 Reported Net IncomeError in Ending Invento S50,000 Overstated S5,000 9,000 2,000 Overstated 54,000 Understated 56,000 No error 60,000 Understated 2017 2018 2,000 a. Calculate adjusted net income for the years 2014 through to 2018 [3 marks] b. 2014 was Glaetzer's first year of operations. Calculate the original and adjusted Retained Earnings balance for each of 2014, 2015, 2016, 2017 and 2018. (Note: there have been no other entries in the Retained Earnings account) 14 marks]