ABC Corp uses a perpetual inventory system. It entered into the following calendar year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 150 units @ $300 350 units @ $350 Date May 1 May 6 May 9 May 17 May 25 May 30 180 units @ $1,200 Activities Beginning Inventory Purchase Sales Purchase Purchase Sales Total 80 units @ $450 100 units @ $458 300 units @ $1,400 480 units 680 units a) Compute the cost of goods available for sale and the number of units available for sale. b) Compute the number of units in ending inventory. c) Compute the cost assigned to ending inventory using 1) FIFO and 2) LIFO. d) Compute gross profit earned by the company for the two costing methods. e) If the company's manager earns a bonus based on a percent of gross profit, which method of inventory costing will the manager likely prefer? Why