9. Heinrich Company, which uses a periodic inventory system, imports and sells a product produced in Germany In the summer of 2018, a natural disaster disrupted production, affecting its supply of product. Heinrich uses the LIFO inventory method. On January 1, 2019, Heinrich's inventory records were as follows: Year purchased 2017 2018 Total Quantity (units) 2,500 4.500 7.000 Cost per unit $20 $40 Total cost $ 50,000 180.000 $230,000 Through mid-December of 2019. purchases were limited to 50,000 units, because the cost had increased to $50 per unit. Heinrich sold 55,000 units during 2019 at a selling price of $100 per unit, which significantly depleted its inventory. The cost was expected to drop to $42 per unit by early January 2020. 1) Assume that Heinrich makes no further purchases during 2019. Compute the gross profit for 2019. 2) Assume that Heinrich purchases 8,800 units before the end of December 2019 at $50 each. Compute its gross profit for 2019. 10. At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units of a product with a unit cost of $480. The inventory records report the following transactions: Units 150 Beginning Inventory Purchase #1 Purchase #2 Purchase #3 150 70 Unit Cost $480 $528 $570 $630 400 Cost $72.000 79,200 39,900 18.900 $210.000 30 During the current period, Viraat sells 340 units. 1) Assume Viraat uses the FIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product. 2) Assume Viraat uses the LIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product