(B) Treatment of Purchase Discounts-Gross Method vs. Net Method ABC Company uses a periodic inventory system, and had the following transactions during the curreat year. (1) Purchase cost of $10,000, terms 2/10,n/30 (2) Invoices of $4.000 are paid within discount period. (3) Invoices of $6.000 are paid after discount period. (C) Calculation of COGS and Ending Inventory Young \& Crazy Company makes the following purchases: 1. item A on 2/2/11 for $10 2. item B on 2/15/11 for $12 3. item C on 2/25/11 for $20 Young \& Crazy Company sells item B on 2/28/11 for \$90. Assume Beginning Inventory =50. What is Young \& Crazy's sales, cost of goods sold, and gross profit for February 2011, assuming the company used the FIFO, LIFO, Avernge Cost, and Specific Identification cost flow assumptions? What is Young \& Crazy's ending inventory shown on Balance Sheet as of February 28, 2011? Complete the following tables. (D) Calculation of COGS and Ending Inventory Call-Mart Inc. had the following transactions in its first month of operations. Assitme that beginning inventory =$0. Assume that Call-Mart Inc.'s 6,000 units of ending inventory consists of 1.000 units from the Mareh 2 purchase, 3 , from the March 15 purchase, and 2.000 from the March 30 purchase. 1. Calculate cost of goods available for sale. 2. Calculate Ending Inventory (EI) and Cost of Goods Sold (COGS) using (1) Specifie Identification metho Average Cost method. (3) FIFO method, (4) LIFO method