Danica Co. uses a perpetual inventory system. During August, the store completed these inventory transactions. (For specific identification, pair of shoes sold consist of 80 pairs from beginning inventory, 300 pairs from the August 6 purchase, and 100 pairs from the August 25 purchase) Requirements 1. Determine the cost of goods available for sale and the number of pairs available for sale. 2. Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and moving average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods and (d) specific identification. (Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar.) 3. Calculate gross profit earned by the store under each of the four methods in part 2. If the store manager earns a bonus based on a percent of gross profit, which method of inventory costing will the manager likely prefer