$($CH$7-$ Q$1)$: Accounting for Inventory $(9$ points total$)$

Lehigh Retail Corporation uses the periodic inventory system. The company reported the following information related to

inventory and sales during the fiscal year of $2023$ :

The company sold its items at $$45$ per unit.

Required:

$(3$ pts$)$ Compute the amount of $($i$)$ ending inventory and $($ii$)$ gross profit for the fiscal year of $2023$ if the company

uses the FIFO method as its inventory costing method.

$(3$ pts$)$ Compute $($i$)$ the amount of cost of goods sold and $($ii$)$ inventory turnover ratio $($rounded to $3$ decimal points$)$

for the fiscal year of $2023$ if the company uses the LIFO method as its inventory costing method.

$(3$ pts$)$ Compute the amount of $($i$)$ cost of goods sold and $($ii$)$ gross profit for the fiscal year of $2023$ if the company uses

the weighted average method as its inventory costing method.