Financial Statements Analysis Online Assignment Question #3 Dockers Inc. beginning inventory and purchases during the year ended December 31, 2019 were as follows: Total Cost $ 50,000 Date Inventory: January 1 Purchases: March 10 August 30 November 26 Sales: June 25 October 5 December 31 Units Unit Cost 1000 units @ $50.00 1200 units @ $52.50 800 units @ $55.00 2000 units @ $56.00 800 units 1500 units 1000 units 44,000 112,000 Required: a) Determine the cost of inventory on December 31, 2019 using the perpetual inventory system under each of the following inventory costing methods: i) First in, first-out ii) Last in, first-out iii) Average inventory valuation b) Assume that during the fiscal year, ended December 31, 2019 net sales were $ 290,000 determine gross profit for each of the above methods