Exercise -1 The following information was drawn from the inventory records of Fields Company Ltd: Beginning inventory -200 units at $20 First purchases - 400 units at $22 Second purchases -600 units at $24 Sales - 900 units of inventory Required a. Determine the amount of cost of goods sold using FIFO b. Would using LIFO produce a higher or lower amount of cost goods sold? Why"? Exercise - 2 The New Star Store had the following series of transactions in the year 2021: Required: a. Determine the quantity and the amount of inventory at the end of the year, assuming the company uses FIFO method b. Calculate the gross profit Moon Creations had the following sales and purchase transactions during the year 2020 . Beginning inventory consisted of 60 items at $350. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Required: a. Record the inventory transactions in general journal format. b. Calculate the gross margin the company would report on the income statement. c. Determine the amount of ending inventory. Exercise 4 Scott Sales had the following sales for the year 2022 , its first year of operations: During the year the company sold 830 units at $40 each. Required: a. Compute the amount of ending inventory under FIFO and LIFO method. b. Calculate the gross margin the company would report on the income statement. c. Record the above transactions in general journal format