Assume an outlet of The Runner's Store has the following data: Ang Biglane 40 S40 Sale 16 Purchase 11 Sale 19 Sale 24Sale 10 10 Purchase Requirements: a) Calculate the cost of Goods Sold and Ending Inventory using FIFO method. b) Calculate the cost of Goods Sold and Ending Inventory using Weighted Average method. c) Calculate the gross profit under FIFO and Weighted Average method 4) Prepare the journal entries for August 3 and August 8 based on FIFO method a) FIFO Opening and Cost of Goods Sold Balance Purchases Date Une Unit Amount Unit Unt Amount Unit Unit Amount COM Cost Cow To b) Weighted Average Opening and cost of Goods Sold Balance Purchases Date Unt Un Amount Unt Unt Amount Unt Unit Amount Cost Cost Cow Total Gross Profit - FIFO vs Weighted Average FIFO Weighted Average 55.131.00 COGS Gross Prole d) Journal Entries based on FIFO method (omit explanations) DATE ACCOUNTS DEBIT CREDIT Aug 3 Auga Assume an outlet of The Runner's Store has the following data: Sale Price Quantity 40 16 Unit Costs $40 $70 80 41 Date Item Aug 1 Beginning balance 3 Sale 8 Purchase 11 Sale 19 Sale 24 Sale 30 Purchase 34 9 70 72 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 method. . Calculate the gross profit under FIFO and Weighted Average method. Prepare the journal entries for August 3 and August 8 based on FIFO method. FIFO Cost of Goods Sold Balance Opening and Purchases Unit Amount Cost Date Unit Unit Unit Cost Amount Unit Unit Cost Amount Total . Cost of Goods Sold Balance Weighted Average Opening and Purchases Date Unit Unit Amount Cost Unit Amount Unit Amount Unit Cost 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) Journal Entries based on FIFO method (omit explanations) ACCOUNTS DEBIT CREDIT DATE Aug 3 Aug 8 Assume an outlet of The Runner's Store has the following data: Ang Biglane 40 S40 Sale 16 Purchase 11 Sale 19 Sale 24Sale 10 10 Purchase Requirements: a) Calculate the cost of Goods Sold and Ending Inventory using FIFO method. b) Calculate the cost of Goods Sold and Ending Inventory using Weighted Average method. c) Calculate the gross profit under FIFO and Weighted Average method 4) Prepare the journal entries for August 3 and August 8 based on FIFO method a) FIFO Opening and Cost of Goods Sold Balance Purchases Date Une Unit Amount Unit Unt Amount Unit Unit Amount COM Cost Cow To b) Weighted Average Opening and cost of Goods Sold Balance Purchases Date Unt Un Amount Unt Unt Amount Unt Unit Amount Cost Cost Cow Total Gross Profit - FIFO vs Weighted Average FIFO Weighted Average 55.131.00 COGS Gross Prole d) Journal Entries based on FIFO method (omit explanations) DATE ACCOUNTS DEBIT CREDIT Aug 3 Auga Assume an outlet of The Runner's Store has the following data: Sale Price Quantity 40 16 Unit Costs $40 $70 80 41 Date Item Aug 1 Beginning balance 3 Sale 8 Purchase 11 Sale 19 Sale 24 Sale 30 Purchase 34 9 70 72 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 method. . Calculate the gross profit under FIFO and Weighted Average method. Prepare the journal entries for August 3 and August 8 based on FIFO method. FIFO Cost of Goods Sold Balance Opening and Purchases Unit Amount Cost Date Unit Unit Unit Cost Amount Unit Unit Cost Amount Total . Cost of Goods Sold Balance Weighted Average Opening and Purchases Date Unit Unit Amount Cost Unit Amount Unit Amount Unit Cost 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) Journal Entries based on FIFO method (omit explanations) ACCOUNTS DEBIT CREDIT DATE Aug 3 Aug 8