NAME: ACC 001A Chapter 10 Problem (5 points): Bad Snail Inc. is a merchandising company that sells shell necklaces. The below data is available for their October purchases and sales: Unit Sales Date Event Units Unit Cost Price Oct. 1 Purchase 30 $ 5.00 Oct. 3 Purchase 20 $ 6,00 Oct. 5 Sale 25 $ 8.00 Oct. 16 Purchase 15 $ 7,00 Oct. 30 Sale 30 5 10.00 Required: Answer the below questions for the month of October, Show your work 1.) The cost of goods sold under the FIFO method is $ 2.) The cost of goods sold under the LIFO method is $ 3.) The cost of goods sold under the weighted average (AVG) method is $ Round to two decimal places when necessary. 4.) What is the gross profit for the month? Assume the FIFO method is used. S Bonus Question (1 point): The accounting concept requires companies value their inventory at the lower of their cost or the market value. A Historical Cost C. Materiality B. Conservatism D. Separate Entity