Problem 2: Chapter 6 Lyon Center began operations on July 1. It uses a perpetual Inventory system. During July, the company had the following purchases and sales. All sales to customers were at $100/unit. Purchases Units Unit Cost 7 $62 Sales Units Date July 1 July 6 July 11 July 14 July 21 July 27 3 $66 $71 Determine: 1. Cost of goods available for sale ($) 2. Ending inventory in units 3. Total sales 4. Cost of goods sold (5) under: a. FIFO b. LIFO C. Moving Average (Round per unit to 3 decimal places) 5. Ending Inventory ($) under: a. FIFO b. LIFO C. Moving Average (Round per unit to 3 decimal places) 6. Gross Profit under: 2. FIFO b. Liro c. Moving Average 7. Which costing method produces the highest ending inventory valuation? 8. Which costing method produces the highest gross profit? 9. Which costing method produces the highest cost of goods sold