Perpetual periodic pter 06: Inventories Exercise1: ACC 111 Assume that a Toy Company bought and sold a video game during December 2001 as follows: Date December 1 Beginning Balance Items 5 Price Purchase 7 Sales 17 Purchase 25 Purchase 30 20 Sales Ending Balance Units 10 $20 12 15 42 Instructions: 1. Using a periodic inventory system Compute the cost of ending inventory, cost of goods sold, and gross profit under the following cost flows assumptions: a. First in first out method b. Average cost method 2. Repeat requirement (la and 1b) assuming the company uses a perpetual inventory system. Ehab Abdou (97672930) Page 6 of 6