E8.13 Presented below is information related to Blowfish radios for the Hootie Company for the month of July. Unites Unit Total Unites Date: Transaction Purchased Cost Cost Selling Sold Price/unit Sales Revenue 1-Jul-20 Balance 100 4.10 410 6-Jul-20 Purchase 800 4.20 3,360 7-Jul-20 Sale 300 7.00 2,100 10-Jul-20 Sale 300 7.30 2,190 12-Jul-20 Purchase 400 4.50 1,800 15-Jul-20 Sale 200 7.40 1,480 18-Jul-20 Purchase 300 4.60 1,380 22-Jul-20 Sale 400 7.40 2,960 25-Jul-20 Purchase 500 4.58 2,290 30-Jul-20 Sale 200 7.50 1,500 Totals 2,100 9,240 1,400 10,230 a. b. Assume that periodic inventory method is used. Compute the inventory cost at July 31, 2020 under each of the following assumptions: i. FIFO ii. LIFO iii. Weighted Average Answer the following questions: i. Which of the methods used above will yield the lowest figure for gross profit for the income statement? Explain why. ii. Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? Explain why.