5. Trading Cards Inc. is preparing financial statements for the year ended October 31, 2021. Ending inventory information about the five main items stocked are as follows: Ending Inventory Item Quantity on Hand Unit Cost When Acquired (FIFO) Net Realizable Value at Year-end A 110 $140 $120 B 150 250 400 24 460 510 54 250 290 700 110 80 D E Required (9 marks): a) Calculate the value of the October 31, 2021 ending inventory using the lower of cost and net realizable value (LC&NRV) rule applied on an item-by-item basis. b) How will the amount you calculated in part a impact cost of goods sold for the year ended October 31, 2021? Unit Cost units 6. We the North Inc. (WTN) provides the following information about their beginning inventory, purchases and sales during the year. The company uses a perpetual inventory system. Purchases Sales Number of Number of Sales Date Units Price Jan.1 (beginning inventory) 750 $5.00 Jan.28 200 $8.00 Mar. 7 $5.50 Aug.28 $8.50 Sept.4 100 $5.60 Nov.12 200 $8.80 400 500 Required (24 marks) (Show all calculations and CLEARLY show your answer to EACH question): a) Calculate the cost of ending inventory using the weighted average costing method. b) How many units are in ending inventory using the weighted-average costing method? c) Calculate the cost of goods sold using the weighted-average costing method. d) Calculate the cost of ending inventory using the FIFO costing method. e) How many units are in ending inventory using the FIFO costing method? f) Calculate the cost of goods sold using the FIFO costing method