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Problem 9-2 O'Brien Company uses the perpetual inventory method. O'Brien started the month of November with 500 units of inventory at a cost of $3 each. On November 5, O'Brien purchased 500 units at $5 each. On November 12, there was a sale of 400 units. On November 18, O'Brien purchased 500 units at $6 each. On November 25, there was a sale of 900 units. On November 29, O'Brien purchased 500 units at $9 each. All units were sold to customer for $14 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Total Cost Date Units Cost per Date Units Total Cost Unit 3 Beg Balance 500 1,500 November 5 500 5 2,500 November 12 400 November 18 500 6 3,000 November 25 900 November 29 500 9 4,500 Units Cost 500 1,500 Beginning Balance + Purchases 500 500 500 2,500 3,000 4,500 1,500 2,000 10,000 11,500 Goods Available for Sale - Sold 400 900 1,300 700 Ending Balance 2. Use the FIFO cost assumption to calculate the cost of goods sold for each sale, the total cost of goods sold for the month, and ending inventory. 3. Use the LIFO cost assumption to calculate the cost of goods sold for each sale, the total cost of goods sold for the month, and ending inventory. 4. Calculate O'Brien's gross margin Using FIFO Using LIFO a. b