ACCO 301-Asignacin Taller 5 P8-6B (LO2,8) (Compute FIFO, LIFO, Average Cost-Periodic and Perpetual) TIK Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date Quantity Price/Cost 1/1 Beginning inventory 1,600 3/6 Sale 6/26 Purchase 8/2 Purchase 10/31 Sale 531 1,000 3,500 2,000 34 52 Compute cost of goods sold, assuming TIK uses: (a) Periodic system, FIRO cost flow (b) Perpetual system, FIFO cost flow. (c) Periodic system, LIFO cost flow. (d) Perpetual system, LIFO cost flow (e) Periodic system, weighted-average cost flow. (D Perpetual system, moving-average cost flow. E8-6B (LO2) (Determining Merchandise Amounts-Periodic) Two or more items are omitted in each of the following tabu lations of income statement data. Fill in the amounts that are missing 2016 2017 S 7$307,500 2018 217,500 $ ? Sales retums 9,750 Net sales Ending inventory Purchase returns and allowances Cost of goods sold 15,000260,250 195,000 223,500 7,500 9,000 219,750 34,500 68,250 72.750 174,750 Gross profit on sales E8-8B (L02) (Purchases Recorded, Gross Method) Castro Industries purchased $21,600 of merchandise on February 1, 2017 subject to a trade discount of 5% and with credit terms of 2/15, n/60. It returned S5,000 (gross price before trade or cash dis- count) on February 4. The invoice was paid on February 13 (a) Assuming that Castro uses the perpetual method for recording merchandise transactions, necord the purchase, return, and payment using the gross method. tb) Assuming that Castro uses the periodic method for necording merchandise transactions, record the purchase, return, and payment using the gross method