Analytical Problem (20=1*20) Venus Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail 600 units @ $55/unit 450 units @ $56/unit 200 units @ $57/unit Jan. Jan. 10 Feb. 13 Feb. 15 July 21 Aug. 5 Aug. 10 430 units @ $90/unit Beginning inventory ....... Purchase Purchase ... Sales .... Purchase .... Purchase ... Sales .. Total ... 230 units @ $58/unit 345 units @ $59/unit 335 units @ $90/unit 765 units 1.825 units Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identification- units sold from the February 13 purchase, and (d) weighted average. (Round per unit costs to three decimals, but inventory balances to the dollar.) 4. Compute gross profit earned by the company for each of the four costing methods in part 3. Analysis Component 5. 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