ACCT:2100 Spring 2018 Chapter 7 Take-Home Quiz The followin throughout the year Cost per Unit Units PIFOI 5400 500 Beginning sock inventory at January 1, 2017 Purchases on Account: March 1 June 1 November 1 750 800 650 $12.15 $47.5 $11.25-8427,5 $11.60 9280 LEFo 3anao 256 | Units Selling Price Sales on Account: February 28 April 30 October 1 December 1 400 560 800 675 $16.10 $16.15 $16.95 $17.05 203s Required: Assuming Fleet Feet uses a periodic inventory system, Calculate Fleet Feet's cost of goods sold and ending sock inventory at December 31, 2017 under the FIFO and LIFO methods. Assume 1. inventory was valued at $10.80 per unit under FIFO and $10.35 per unit under LIFC Assuming Fleet Feet uses a perpetual inventory system, Calculate Fleet Feet's cost of goods sold and ending sock inventory at December 31, 2016 under the FIFO and LIFO methods. Assume opening inventory was valued at $10.80 per unit under FIFO and $10.35 per unit under LIFO 2. cost 3. The cost of socks on December 31, 2017 was $11.95 per unit. Assuming a perpetual inventory system is used, determine whether Fleet Feet needs to write down any of its inventory under either the FIFO or LIFO methods. Briefly explain why a write down is or is not necessary for each method. If a write-down is necessary, determine the amount an journal entry related to the write-down d record the appropriate suO 4o AP GUD hec