Presented below is information related to Blowfish radios for the Blue Company for the month of July. Date Transaction Units In Unit Cost Total Units Sold Selling Price Total July 1 Balance 120 $3.80 $ 456 6 Purchase 960 3.90 3,744 7 Sale 360 $6.80 $ 2,448 10 Sale 360 7.10 2,556 12 Purchase 480 4.20 2,016 15 Sale 240 7.20 1,728 18 Purchase 360 4.30 1,548 22 Sale 480 7.20 3,456 25 Purchase 600 4.28 2,568 30 Sale 240 7.30 1,752 Totals 2,520 $10,332 1,680 $11,940

1.) Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted-average cost $

2.) Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, e.g. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average. (1) FIFO (2) LIFO (3) Weighted-Average Ending Inventory at July 31 $ $ $

4.) Which of the methods used above will yield the lowest figure for gross profit for the income statement? method will yield the lowest gross profit.

5.) Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? method will yield the lowest ending inventory.