Chapter 5 Name Craig Company buys and sells one product. Craig uses perpetual tracking of its inventory. Its beginning inventory, purchases, and sales during the current month are as follows: Jan 1 Beginning Balance 6 Sale 9 Bought 16 Sale 20 Bought 22 Bought 23 Sale 30 Sale 40 units at $14 20 units at $30 20 units at $15 20 units at $30 30 units at $16 25 units at $20 30 units at $35 10 units at $35 Determine the following using LIFO method: 1. Gross Sales for the month? 2. Gross Margin/Profit for the month? 3. Cost of Ending Inventory? 4. Cost of Goods Sold for the month? 5. Total cost of goods available for sale for the month