perpetual inventory system and had the following activity for a single inventory item: 1. Calculate the value of COGS, Ending Inventory and Gross profit under FIFO and Moving Average. Emmett Inc. uses a (round unit cost to two digits) Units Unit Cost 1-Jan inventory 505 95.00 Purchases 5-Jan 280 100.00 10-Jan 175 120.00 15-Jan 100 122.00 20-Jan 125 118.00 Sales 12-Jan 500 135.00 405 140.00 18-Jan 200 145.00 22-Jan