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 Hi. Calculate gross profit for the period ending on December 31", 2020. Homework Question no. 2:. Gulf Trading Company reported the following January purchases and sales data for its only product for the month of January Units Sold at Retail 2021 Date Activities Units Acquedo Cost 140 units@ 6.00 = 5 340 100 units @ 515 Jan 1 Beginning inventory Jan Sales 10 Jan Purchase 20 60 units @ 5500 300 Sales 20 unit @ 515 Jan 25 Purchase 100 units @ $450 810 Jan 30 Totals 380 units SO 130 units Required: You have to use "FIFO" and "Average Method" and calculate the following: a) Calculate cost of ending inventory on Jan 314, 2021. b) Calculate cost of goods sold for the period ending on Jan 314, 2021. c) Calculate gross profit for the period ending on Jan 314, 2021