Home Fun Store sells furniture for $3,000 each. The following information isavailable for 2020:

Required:

a. Determine the ending inventory and gross profit using the First-In-First-Out(FIFO) Method.Assume the Periodic Method is used.Round all intermediate values to the nearestinteger. b. Determine the ending inventory and gross profit using the Weighted Average Method. Assume the Periodic Method is used.Round all intermediate values to the nearest integer.

c. Assume the company uses the unit specification method and has acquired an ending inventory of $6,950 and Cost of Goods Sold of $66,250 for the year ended December 31,2020.Compare Ending Inventory and Cost of Goods Sold across the three cost flowmethods. Provide your reasons of why we see different values about Ending Inventory andCost of Goods Sold across the three cost flow methods.

Number of Units Total Cost ($) 6,000 Beginning Inventory, January 1 Units Bought: February 14 16,800 June 36 50,400 Units Sold: April 17 August 3 34