Demonstration Problem TWO Presented below is information for the month of February 2019 February 1 February 6 Balance Purchased 1,200 units @$2 each 600 units @ $2.5 each February 10 Purchased 800 units $3 each February 15 Sold 920 units @$24 each February 20 Sold 1,500 units @$24 each February 25 Purchased 3,000 units @$4 each February 28 Sold 1,750 units @ $ 24.5 each a- Determine the Cost of Goods Sold, the value of Ending Inventory, and the Gross Profit for the month of February using the Last-in, First-out method (LIFO). SHOW YOUR CALCULATION a- Purchases Date Number Cost/ of Units Unit Feb. 1 6 10 15 LIFO 4/9 Cost of Goods Sold Number Cost/ Inventory Ending Balance Total Total of Units Unit Number Cost/ of Units Unit Total 20 25 28 COGS Inventory Ending Balance Gross Profit 5 6/9 b- Prepare the necessary entries on February 25 and February 28 assuming that all purchases and sales were cash. General Journal Date: Feb. 25. Accounts Titles and Explanation Ref Debit Credit Purchase Feb. 28 Sale