Homework Question no. 1: - Ahmed Co incurred the following transactions during the month of December 2020. December 1: Beginning Inventory (100 units @ 5.00 per unit). December 6: Purchased 50 units @ 5.50 per unit. December 10: Purchased 30 units @ 5.75 per unit. December 13: Sold 140 units @ 12 per unit. December 15 Sold 25 units @ 12.50 per unit. December 19 Purchased 120 units @ 6.00 per unit. December 31: Sold 70 units @ 13.00 per unit. Required: You have to use "FIFO" and "Average Method" and calculate the following: i. Calculate cost of ending inventory on December 31", 2020 ii. Calculate cost of goods sold for the period ending on December 31", 2020 iii. Calculate gross profit for the period ending on December 31", 2020