Grouper-Mart Centre Inc. began operations on May 1 and uses a perpetual inventory system. company had the foll purchases and sales its products: Purchases Date Units Unit Cost May 1 120 Unit Price Determine the cost of goods sold ending inventory using (1) FIFO and (2) FIFO Cost of Goods Sold Ending Inventory LINK TO TEXT TO TEXT Which cost formula produces the higher gross profit and net income? LINK TO TEXT LINK TO TEXT Which cost formula produces the higher ending inventory valuation? LINK TO TEXT LINK TO TEXT Which cost formula produces the higher cash flow