On January 1, 2022, Chris Hare decided to start a new business, Ahoy Mates, that sells children's toy boats. Each boat is sold for $28. The following purchases were made during 2022. Items Cost Jan 1 Jan 15 550 @ $10.45 200 @ 10.80 Feb 2 900 @ 10.78 Feb 10 500 @ 11.20 Mar 1 200 @ 11.45 April 4 750 @ 11.40 June 1 325@ 11.72 Aug 14 475 @ 11.80 Nov 15 850 @ 12.10 Dec 6 300@ 12.32 Ahoy Mates uses a periodic inventory system and has 375 items remaining in inventory. At December 31, Ahoy Mates is trying to determine which inventory costing method to use. Answer the following questions to help Ahoy Mates determine which method to adopt for his new business. 1. How many items did Ahoy Mates purchase in 2022? 2. What is the cost of goods purchased by Ahoy Mates in 2022? 3. How many items remain in Ahoy Mates inventory as of December 31? 4. How many items did Ahoy Mates sell in 2022? 5. What was Ahoy Mates total sales amount in 2022? 6. Answer the following questions assuming Ahoy Mates uses the weighted average inventory costing method. What is the weighted average cost per unit? (Round to 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 Ahoy Mates 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 Ahoy Mates uses the last in, first out (LIFO) inventory costing method. 9. a. What is the value of the ending inventory? b. What is the cost of goods sold? C. What is the gross profit? Which method do you recommend and WHY?