Part 2 Question 4 (12 marks) A company sells a single product and had the following beginning inventory, purchases and sales during January Number of Units Cost per unit Beginning Inventory $14.00 Jan. 5 Sale 50 Jan. 10 Purchase 70 $13.00 Jan. 15 Sale 25 Jan. 25 Sale 35 100 Required Calculate the cost of Goods Sold, the Ending Inventory and the Gross Profit under each assumption below assuming the selling price is $33.00 per unit: a) The company uses a perpetual inventory system and determines cost on a FIFO basis. (6 marks) b) The company uses a perpetual inventory system and determines cost on a weighted average basis. (round average cost per unit to 4 decimal places) (6 marks)