Bondi Ltd. uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year: Activity Units Purchase Price (per unit) Sales Price (per unit) Beginning inventory 150 $5.50 Purchase 1, Jan. 20 675 6.00 Sale 1 395 $10.80 Sale 2 325 11.00 Purchase 2, Mar. 15 690 6.10 Sale 3 370 11.00 Sale 4 200 11.50 Purchase 3, Sept. 18 250 6.30 Sale 5 260 11.90 Required: 1. Compute the cost of goods available for sale before considering any sales 2. Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from purchase 1, 80 units from purchase 2, and 40 units from purchase 3 3. An inventory count took place at the end of the year and indicated that 190 units are left on hand. Compute the cost of ending inventory and the cost of goods sold using the FIFI inventory costing method 4. If the company uses FIFO and the Net Realizable Value of the ending inventory is $6.00 per unit, is the write down of inventory necessary/why or why not? 5. If a write down is necessary, calculate how much this write-down would be for and then record the necessary journal entry Account Names Debit Credit 6. What is the conceptual justification for valuing inventory at the lower of cost and net realizable value