Problem #4: 20pts Strand Retail Corp had the following info: Beg Inventory 2,500 units @ $40/cach Purchased 4,000 units @$45/each Purchased 4,500 units @ $47/each Sold 6,500 units for $80/each REQUIRED: for FIFO, LIFO and Weighted Average: 1. Calculate the value of Ending Inventory 2. Show the schedule for Cost of Goods Sold 3. Show the schedule for Gross Profit 4. Calculate Gross Profit % (carry out at least 1 decimal point) 5. What inventory method should Strand use and why?