5 6 8 14 15 17 7 1) Some of the information found on a detailed inventory card for 3T company for December is as follows: Received Issued 9 Date # units $/unit # units Note - received = "purchased and issued means "sold" 10 Dec 1 (open) 1,150 $2.90 11 2 1,050 3.00 12 7 700 13 10 600 3.20 13 500 18 1,000 3.30 300 16 20 1,100 23 1,300 3.40 27 800 19 28 1,500 3.60 20 31 1,300 21 22 Instructions 23 a. From the above data, using the 9 column schedule, calculate the COGS and ending inventory based on each of the following cost formulas: (Assume that perpetual inventory records are kept. Calculate unit costs to the nearest cent and ending inventory to the nearest dollar) 25 1. Weighted average cost 26 2.. First-in, first-out (FIFO) 27 b. Based on your results in part (a), and assuming that the average selling price per unit during December was $8.00, prepare partial income statements up to the "gross profit on sales" line. Calculate the gross profit percentage under each inventory cost formula. Round your answers to one decimal place. Which GP is higher? 18 24 28 29 30 31