Problem One: During the year. Masks R Us Corporation has the following inventory transactions Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 50 542 $2.100 Ape 7 Purchase 13044 5.720 Jul. 16Purchase 200 47 9.400 Oct. 6 Purchase 110 48 3.280 490 For the entire year, the company sells 440 units of inventory for 560 each Reyir: 1. Using FIFO, calculato () ending inventory. (b) cost of goods sold. (c) sales revenue, and (d) gross profit. a) Ending Inventory bicos c) Sales Revenue d] Gross Profit 2. Using LIFO, calculate (a) ending inventory. (b) cost of goods sold. (c) sales revence, and (d) gross profit. a) Ending Inventory bicos c) Sales Revenue dGross Profit 3. Using weighted average cost, calculate (a) ending inventory. (b) cost of goods sold. (c) sales revenue, and (d) gross profit Ending Inventory bos c) Sales Revenue di Gross Profit 4. Determine which method will result in higher profitability when inventory costs are rising. Problem Two: JC Bikes has the following transactions during May May 2 Purchases bikes on account from Bikers R Us Wholesale for $3.300, terms 1/10, 1/30 May 3 Pays cash for freight costs of S200 cm bikes purchased from BRU. May 5 Returns bikes with a cost of S400 to BRU because part of the order is incorrect May 10 Pays the full amount due to BRU. May 30 Sells all Bikes purchased on May 2 (less those retumed on May 5) for $4,000 on account Required: 1. Record the transactions of C Bikes, assuming the company uses a perpetual inventory system Date Account Debit Credit 2. Assume that payment to BRU is made on May 24 instead of May 10. Record this payment. Date Account Debit Credit