During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows (14 marks):

		Units	Cost per unit
	Begin Inventory	100	12
Jan 5	Sale	50
10	Purchase	70	16
15	Sale	25
25	Sale	35

Required:

1. Prepare a schedule showing cost of goods sold and ending inventory using weighted average.
2. Prepare a schedule showing cost of goods sold and ending inventory using First In First Out
3. Compute gross profit under for a and b. Selling price for items is $50 pet unit.