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Problem 6-6B Alternative cost flows-perpetual L02, formation on the purchases and sales of the power drills, "M1500." On November 1, Tool Depot had 150 mila Tool Depot sells the latest selection of power tools and uses a perpetual inventory system. The following is with a unit cost of $49. Sales Purchases Units Unit Cost Unit Price Date Units 100 $100 Nov. 4 200 47 Nov. 6 Nov. 16 350 45 275 Nov, 20 $100 Nov. 24 150 40 Nov. 28 250 $110 Nov. 30 100 $110 Required 1. Calculate the cost of goods sold and ending inventory sug the following methods. a. FIFO b. Moving weighted average. Round all unit costs to two decimal places and round all other numbers to the nearest dollar. 2. Using your calculations from Part 1, complete the following schedule: Moving Weighted Average FIFO Sales Cost of goods sold. Gross profit 3. Does using FIFO or moving weighted average produce a. A higher gross profit? b. A higher ending inventory balance? 4. Calculate the gross profit percentage for both methods for the month of November. Round to the neares! percentage. An asterisk identifies assignment material based on Appendix 6A. 458