c) Calculate gross profit for the period ending on Jan 31, 2019. Homework Question no. 1: - Fahed Co incurred the following transactions during the month of December 2019. b) Calculate cost of goods sold for the period ending on Jan 31", 2019 December 1: Beginning Inventory (108 units @ 5.25 per unit). December 6: Purchased 52 units @ 5.50 per unit. December 10: Purchased 34 units @ 5.75 per unit. December 13: Sold 128 units @ 12 per unit. December 15 Sold 22 units @ 12.50 per unit. December 19 Purchased 123 units @ 4.75 per unit. December 31: Sold 78 units @ 12.25 per unit. Required: You have to use "FIFO" methods and calculate the following: i Calculate cost of ending inventory on December 31, 2019 ii. Calculate cost of goods sold for the period ending on December 31, 2019 iii. Calculate gross profit for the period ending on December 31", 2019. Homework Question no. 2: - Lebanon Trading Company reported the following Junuary purchases and sales duta for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan 1 Beginning inventory 140 units @ $6.00 = $ 840 100 units @ $15 Purchase 60 units @ $5.00 - Sales 80 units @ $15 Purchase 180 units @ $4.50 = 380 units $1.950 180 units Required: You have to use "FIFO" methods and calculate the following: a) Calculate cost of ending inventory on Jan 31", 2019 Sales 10 300 Jan 20 Jan 25 810 Jan 30 Totals