Do It Yourself! Question 1 Sam Inc.'s inventory records show the following data for July 2008 $1 each Inventory at July 1 Inventory Purchases, July 5 Sales, July 10 Inventory Purchases, July 15 10 units $2 each 80 units 50 units $3 each 20 units 40 units Sales, July 20 30 units $4 cach Inventory Purchases, July 25 Assume there is no inventory shrinkage. Requirements Account for inventory by the FIFO, LIFO 1. Calculate COGS for the month ended July 31, 2008, and inventory at July 31, 2008, using the FIFO costing method. and average-cost methods 2. Calculate COGS for the month ended July 31, 2008, and inventory at July 31, 2008, using the periodic LIFO costing method. Comee the efects of FIFO IFO, and average cost 3. Calculate COGS for the month ended July 31, 2008, and inventory at July 31, 2008, using the perpetual LIFO costing method. Account for inventory by the FIFO, LIFO, and average-cost 4. Calculate COGS for the month ended July 31, 2008, and inventory at July 31, 2008, using the weighted average periodic average cost) costing methods method. 5. Calculate COGS for the month ended July 31, 2008, and inventory at July 31, 2008, using the moving average (perpetual average cost) costing method. Compare the effects of FIFO, LIFO, and average cost Compare the effects 6. Sales revenues were $500 for July 2008. Calculate gross profit under each method. of FIFO, LIFO, and average cost 3