Periodic System- Calculating Inventory and Cost of Sales Using LIFO and FIFO, and with a LIFO Liquidation; Calculating Gross Profit Lucas Inc. maintains a LIFO periodic inventory system. The following data were available for its January 1 beginning inventory, consisting of two layers. Required a. The purchase price of inventory was steady at $50 per unit during the year. Calculate ending inventory and cost of goods sold if 20,000 units were purchased and 20,000 units were sold (at $ - Note: Do not use negative signs with any of your answers. b. If replacement cost remains at $50 per unit, calculate ending inventory and cost of goods sold if 20,000 units were purchased and 30,000 units were sold (at $75 per unit) during the year. - Note: Do not use negative signs with any of your answers. c. Calculate the gross profit and gross profit percentage for both part a and part b. What is the source of the difference (if any) between the results of parts a and b? -Note: Do not use negative signs with any of your answers. The gross profit percentage is in (b) because more lower value items were expensed resulting in higher profit margin d. Complete requirements of parts a through c assuming that the company uses FIFO instead of LIFO. -Note: Do not use negative signs with any of your answers. -Note: Do not use negative signs with any of your answers. (part c) Calculate the gross profit and gross profit percentage for both FIFO method part a and part b. What is the source of the difference (if any) between the results of parts a and b? -Note: Do not use negative signs with any of your answers