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CS-1 LO 8-1, 3, 6 Monrose Park had the following transactions during the month of November 2022. Nov 2 Purchased 1,000 widgets for $20 per unit on credit Nov 5 Sold 900 widgets for $55 each for cash Nov 10 Purchased 500 widgets for $25 per unit on credit Nov 18 Sold 100 widgets for $60 each on credit Nov 29 Sold 300 widgets for $50 each for cash Monrose Park uses a perpetual inventory system and the FIFO inventory valuation method. There were no widgets in the company's opening inventory for November. Required a) Record the above transactions in the general journal. Inventory Valuation Chapter 8 b) Prepare the schedule to calculate ending inventory after the above transactions. c) Calculate the value of merchandise inventory using the lower of cost and net realizable value (LCNRV). d) Record the journal entry to adjust the value of merchandise inventory to the lower of cost and net realizable value based on individual items using the results from c). e) Prepare an excerpt of the multiple-step income statement for the month showing sales revenue, cost of goods sold and gross profit. Chapter 8 Inventory Valuation f) Sales for December were $100,000 and purchases were $68,500. Using the gross profit method, estimate the closing value of inventory. Assume the gross profit margin from November will be the gross profit margin for December. g) Using the following chart, show how the cost of goods sold and value of ending inventory would change using the weighted-average cost method for inventory. h) Since there are two categories of widgets, A and B, which method of inventory valuation might Monrose