Assume that three identical units of merchandise were purchased during October, as follows: Units Cost October 5 Purchase 1 $5 12 Purchase 1 13 28 Purchase 1 15 Total 3 $33 Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the LIFO method. October 31 Sales Cost of Goods Sold Gross Profit Ending Inventory 20 units @ $16 April 3 Inventory 11 Purchase 16 units @ $15 14 Sale 27 units 21 Purchase 14 units @ $16 25 Sale 11 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO. Cost of Goods Sold Purchases Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 ) 14 III III 21 25 III 10 Total Cost of goods sold Ending inventory value