Exercise I (FOR SELECTION) The inventory of XYZ Company on November 30, 2020 shows 2500 units at 12,5 per unit. Revenue from sales for December totals 64,000 (= 3,200 units at 20 per unit). The following purchases were made during December 2020: Dec. 10: 1,100 units at 25 per unit Dec. 18 1,000 units at 6 per unit, Dec 23 900 units at 12,5 per unit Requirement: 1. Calculate the cost of goods sold and the inventory cost as of December 31, 2020, using the LIFO method. 2. Compute the gross profit for December 2020.