On January 1, 2021. Thomas Turkey decided to start a new business, Fancy Critters, that sells stuffed animals for special occasions. Each stuffed animal is sold for \$26. The following purchases were made during 2021 . Fancy Critters uses a periodic inventory system and has 250 items remaining in inventory. At December 31 , Fancy Critters is trying to determine which inventory costing method he should use. Answer the following questions to help Fancy Critters determine which method he will adopt for his new business. 6. Answer the following questions assuming Fancy Critters uses the weighted average inventory costing method. a. What is the weighted average cost per unit? (Round to the nearest penny) b. What is the value of the ending inventory? c. What is the cost of goods sold? d. What is the gross profit? 7. Answer the following questions assuming Fancy Critters uses the first in, first out (FIFO) inventory costing method. a. What is the value of the ending inventory? b. What is the cost of goods sold? c. What is the gross profit? 8. Answer the following questions assuming Fancy Critters uses the last in, first out (LIFO) inventory costing method. a. What is the value of the ending inventory? b. What is the cost of goods sold? c. What is the gross profit? 9. Which method do you recommend and WHY? On January 1, 2021. Thomas Turkey decided to start a new business, Fancy Critters, that sells stuffed animals for special occasions. Each stuffed animal is sold for \$26. The following purchases were made during 2021 . Fancy Critters uses a periodic inventory system and has 250 items remaining in inventory. At December 31 , Fancy Critters is trying to determine which inventory costing method he should use. Answer the following questions to help Fancy Critters determine which method he will adopt for his new business. 6. Answer the following questions assuming Fancy Critters uses the weighted average inventory costing method. a. What is the weighted average cost per unit? (Round to the nearest penny) b. What is the value of the ending inventory? c. What is the cost of goods sold? d. What is the gross profit? 7. Answer the following questions assuming Fancy Critters uses the first in, first out (FIFO) inventory costing method. a. What is the value of the ending inventory? b. What is the cost of goods sold? c. What is the gross profit? 8. Answer the following questions assuming Fancy Critters uses the last in, first out (LIFO) inventory costing method. a. What is the value of the ending inventory? b. What is the cost of goods sold? c. What is the gross profit? 9. Which method do you recommend and WHY
