5 E A 00 E A B 1 Valuation Method - FIFO Perpetual System 2. 3 ABC Company uses the perpetual inventory system and had the following 4 purchases and sales Price Total 5 Units Transaction Date 60 1.00 60 6 1-May Beginning Inventory 30 7 39 1.30 3-May Purchase 8 36 24 15-May Purchase 1.50 9 18-May Sales (at retail price) 96 4.00 384 10 24-May Purchase 36 2.00 72 11 25-May Sales (at retail price) 18 4.00 72 12 13 A). Compute total goods available for sale (in units and in rivals 14 B). Compute total sales (in units and in riyals) 15 C). Compute the ending inventory in units. 16 D). Compute the cost of goods sold using FIFO Perpetual 17 E). Compute the cost of ending inventory using FIFO Perpetual 18 F). Conpute gross profit using FIFO costing method 19 20 FIFO LIFO Average Specific D