At the end of its reporting period, Manchester limited Inc. accountant started preparing the financial report set for the year ended 2020. The company is classified as a merchandising firm that specialize in exporting and importing 3 main products (Product A, B and C). Assume that each unit of A is sold for $30, each unit of B is sold for $40 and each unit of C is sold for $45. You have the following information related to the available inventory at 31.12.2019: Product A 1,700 units @ $17 per unit Product B 2,800 units @ $25 per unit Product C 3,980 units @ $23 per unit During the year of 2020 the company summarized the purchases transactions related to each type as follows: During the year of 2020 the company summarized the purchases transactions related to each type as follows: Product A Product B Product C per unit Purchases Purchases Purchases during march during march during 500 units @ $15 900 units @ $22 February 2,500 units @ $20 per unit in which 100 units were returned to the seller per unit Purchases Purchases Purchases during October during June during July 1,800 units 1,900 units 1,000 units @$16 per unit @$26 per unit @$21 per unit in which 200 units were returned to the seller Purchases Purchases Purchases during during during June December 500 November 600 units @ $22 units @ $19 per 2,000 units per unit unit @$23 per unit in which 500 units were returned to the seller The physical The physical The physical count count count indicated that indicated that indicated that only 1300 unit only 2,000 unit only 2,000 unit remained on remained on remained on hand at the hand at the hand at the end of 2020 end of 2020 end of 2020 Required: Using Average cost calculate the following for product B only: Calculate the cost of goods sold Answer: Calculate the cost of ending inventory Answer: Calculate the gross profit