Assume an outlet of The Runner's Store has the following data: Sale Pric Quantity 40 Unit Costs $40 16 $70 41 Date Item Aug 1 Beginning balance 3 Sale 8 Purchase 11 Sale 19 Sale 24 Sale 30 Purchase 80 34 70 72 9 72 30 18 42 Requirements: Calculate the cost of Goods Sold and Ending Inventory using FIFO method. Calculate the cost of Goods Sold and Ending Inventory using Weighted Average Calculate the gross profit under FIFO and Weighted Average method. Prepare the journal entries fr August 3 and August 8 based on FIFO method. FIFO Cost of Goods Sold Balance Opening and Purchases Unit Amount Cost Date Unit Unit Amount Unit Unit Cost Amount Unit Cost Total Cost of Goods Sold Balance Weighted Average Opening and Purchases Date Unit Unit Amount Cost Unit Amount Unit Unit Cost Amount Unit Cost Total Gross Profit - FIFO vs Weighted Average FIFO Sales Revenue COGS Gross Profit Weighted Average $6,131.00 ? Journal Entries based on FIFO method (omit explanations) ACCOUNTS DATE Aug 3 DEBIT CREDIT Aug 8