HW Score: 66.745 Instructor-created question A company had the following related to inventory during its first year of business (Click the icon to view the sales and purchases.) The company uses a periodic Inventory system More Info Complete the following in the determination of gross profit for each of the inventory costing methods. Using FIFO inventory costing: Net sales 7.000 Cost of goods sold 5,825 - - January 6 Purchased 35 units at $115 each February 16 Sold 5 units at $140 each April 10 Sold 15 units at $140 each June 30 Purchased 40 units at $120 each August 15 Sold 30 units 5140 each November Purchased 20 units at $125 each Gross profit 1,175 - 5 $ Using LIFO inventory costing: . - Gross profit Net sales 7,000 Cost of goods sold 5000- Print Done 1100 (H) Using weighted average inventory costing: (For calculations round cost per unit to the nearest cont. Round all other amounts to the nearest dolar) cost of goods sold = Gross profit Net sales 7,000