Anna's Frozen Treats Ltd sells only one product, a refreshing lemonade ice-block that is very popular during the summer. The company uses the perpetual inventory system for recording its cost of sales. The inventories and purchases for the month of December 2019 are as follows: Purchases Quantity Cost per unit Sales Quantity Decem ber 100 200 1.00 1.30 7 220 9 200 1.80 Beginning inventory Purchase Sales Purchase Sales Purchase Sales Purchase 280 14 18 21 300 2.00 200 30 100 2.20 During the month units were sold for $3.50 per unit. Required: For the purpose of this question, please ignore GST. Show ALL your workings. i. ii. jil. iv. Calculate the cost of goods available for sale in December. (3 marks) Calculate the cost of sales for 14 December using the FIFO method. (2 marks) Calculate the cost of sales for 14 December using the LIFO method. (2 marks) Calculate the cost of sales for 14 December using the weighted average cost method. (4 marks) Using the weighted average cost method, calculate the $ amount assigned to the inventory on hand at 31 December and the gross profit earned for the month of December. (6 marks) V