goous sold, and gross profit for 2019 Exercise 6-50 Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for OB. ntory, purchases, and sales for a recent year Activity Purchase Price (per unit) 57.10 7.20 Sale Price (per unit) Units Beginning inventory Purchase 1, Jan. 18 Sale 1 Sale 2 Purchase 2, Mar. 10 Sale 3 Sale 4 Purchase 3, Sept. 30 Sale 5 SHO 1 10 575 380 225 680 270 290 230 240 $12.00 12.00 7.50 12.00 12.50 7.70 12.50 Required: l. Compute the cost of ending inventory and the cost of goods sold using the specific identifica- tion method. Assume the ending inventory is made up of 40 units from beginning inventory 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3, 2 Compute the cost of ending inventory and cost of goods sold using the FIFO inventory cost- 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory cost- 4 Compute the cost of ending inventory and cost of goods sold using the average cost inven- Continued) ing method. ing method. tory costing method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)