Fido, the owner's dog, ate some papers! Later, it was discovered that those were accounting records for the perpetual inventory system. Because the dog ate the records for the perpetual method, they have to resort to using a periodic method of inventory costing. A physical count showed 835 bags remaining in inventory. Required: 1. Calculate cost of good available for sale. 2. Compute ending inventory and cost of goods sold using the FIFO method of inventory. 3. Compute ending inventory and cost of goods sold using the LIFO method of inventory. 4. Prepare T-Accounts showing your method of choice. 5. Prepare a new Adjusted Trial Balance using the inventory method that provides the highest cost of goods sold and highlight the accounts and amounts changed. 6. Write a full sentence statement explaining why the accountant would recommend using the inventory method that results in the highest cost of goods sold. 7. Complete a partial Multistep Income Statement up through Gross Margin. (NOTE: This is an expanded format. See examples.) Project \#6: Inventory Valuation \begin{tabular}{|ll|c|c|} \hline \multicolumn{3}{|c|}{ Inventory Data for Dog Food } \\ \hline Date & & Qty. & Cost each \\ \hline 01-Sep & Beg. Inv. & 0 & $0.00 \\ Sept & Purchase & 40 & $25.00 \\ Oct & Purchase & 349 & $30.00 \\ Nov & Purchase & 1,500 & $20.00 \\ Dec & Purchase & 1,690 & $25.00 \\ \hline \end{tabular}