Choose Check for Updates. Part "1": 1. Determine the cost of goods sold and cost of ending inventory, at the end of each day, for Alpha Watches using the FIFO, LIFO, and weighted average inventory costing method. Show All your calculations FIFO Date Cost of Good Available Cost of goods Sold Cost of Ending Inventory Jun 1 500 Total Part "1": Alpha Watches specializes in designer watches and leather goods. Alpha Watches uses the perpetual inventory system. Assume Alpha Watches began June holding 10 wrist-watches that cost $50 each. During June, Alpha Watches bought and sold inventory as follows: Jun. 3 Sold 8 units for $100 each Jun. 16 Purchased 10 units at $56 each Jun. 23 Sold 8 units for $100 each Requirements: 1. Determine the cost of goods sold and cost of ending inventory, at the end of each day, for Alpha Watches using the FIFO, LIFO, and weighted average inventory costing method. 2. Show the computation of gross profit for each method. 3. Which method maximizes net income? And which method minimizes income taxes? 4. Which principle states that businesses should use the same accounting methods and procedures from period to period? 5. Where is the amount of merchandise inventory disclosed in the financial statements