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Homework Question no. 1: - Fahed Co incurred the following transactions during the month of December 2019. December 1: Beginning Inventory (100 units @ 5 per unit). December 6: Purchased 50 units @ 5.50 per unit. December 10: Purchased 30 units @ 5.25 per unit. December 13: Sold 130 units @ 12 per unit. December 15 Sold 25 units @ 12.50 per unit. December 19 Purchased 120 units @ 4.75 per unit. December 31: Sold 80 units @ 12.25 per unit. Required: You have to use "FIFO" methods and calculate the following: i. Calculate cost of ending inventory on December 31", 2019 ii. Calculate cost of goods sold for the period ending on December 31", 2019 iii. Calculate gross profit for the period ending on December 31, 2019. Home Insert Draw_Layout Review View Calibri Bald (Box 20 FIFO METHOD:- Purchases/Acquired ($) Date April 1 Cost of goods Sold ($) Inventory Balance ($) 100 * 10 + 1,000 30 x 10 = 300 30 X 10 = 300 April 10 70 X(10= 700 April 14 20 X 11 = 220 20 X 11 = 220 April 17 40 X 12 = 480 30 X 10 = 300 20 X 11 = 220 40 x 12 = 480 1000 40 X 12 = 480 April 20 30 X 10 = 300 0 1 :29 ) X Speed 40 A ENG : 1:36 AM , 11-Apr-20 WP " IMI