Inventory ABC CO. is a partnership firm of 3 friends Alpha, Beta and Conny. They sell car wash cleaners. They use perpetual inventory system and made purchases and sales of a product in 2020 as fallows Part 1. Date Inventory Units Prices Total Jan Beg. Inventory 110 7.00 (C.P) 770 Jan 10 Sold 80 @ 15.50%. P) 1240 Feb 7 Purchased 300 @6.30 (C.P) 1890 Feb 15 Sold 130 @ 15.50 (S.P)2015 Mar 10 Purchased 550 6.10 (C.P) 3355 Mar 27 Purchased 5000 6.00 (CP) 3000 Mar 29 Sold 670 15.50 (S.P) 10385 S. P- Selling Price C.P=Cost Price Ques: Calculate the Gross profit and Cost of Good Sold for ABC. Co by using perpetual inventory system for Part 1 a. FIFO b. Moving Weighted Average Method (COGS: a) $5527 b) $5476) Part 2. ABC are now in the month of July and make purchases and few sales. Calculate the Gross profit and Cost of Good Sold for ABC. Co by using perpetual inventory system a. FIFO b. Moving Weighted Average Method (COGS: a) $11388 b) $11484) Date Inventory Units Price $ Total July! Beg. Inventory 2146 (CP) 1240 July 7 Purchases 66 51(CP) 1890 July 10 Purchases 116 @ 56 (CP) July 1s Sale 61 @ 130 (S.P) 2015 July 10 Purchases 62 @ 56(CP) 3355 July 29 Sales 152 @130 (S.P) 10385 S. P- Selling Price C.P = Cost Price