Name: Cost of Goods Sold Assignment #2 Instructions: You have one week (June 1st) to complete this assignment. You may not work in teams or ask any of your colleagues for help in any way. This assignment is graded on 5% and will count for 5% of your final mark. A passing grade for this quiz is 3% (60%). The assignment will be grades as follows: Criteria Total LIFO Calculation 1.5% FIFO Calculation 1.5% Average Cost Calculation 1.5% Inventory Question .5% Total 5% You work for Global Tracking Inc. a company that sells a real-time tracking bracelet that tracks patients and nurses in different healthcare environments using GPS technology. designed for individuals who wish to monitor others' whereabouts. There has been an increase in demand for the product has spiked during the current fiscal period, while supply is limited, causing the selling price to escalate rapidly. Note: For simplicity of demonstration, beginning inventory cost is assumed to be $21 per unit for all cost assumption methods. The following is a chart of the inventory purchases in the last year Number of Units Unit Cost Sales Price Beginning Inventory Jul. 1 150 $21 Sold Jul. 5 120 $36 Purchased Jul. 10 225 27 Sold Jul. 15 180 39 Purchased Jul. 25 210 33 Ending Inventory Jul. 31 285 Assume that 300 units were sold in the fiscal year. Calculate the Cost of Goods Sold for the fiscal year for Global Tracking Inc. under the LIFO, FIFO and Average Cost inventory valuation methods. If the company wants to have a higher balance in the Inventory Account on the Balance Sheet which method should it use?