Q-1) Vulture Company uses perpetual inventory system. The following information is related to one type of its merchandise for July 2020: Units Unit Cost Unit Selling Price Beginning Inventory 10 units $50.00 Purchase on July 15 30 units _$65.00 Sale on July 28 25 units $83.00 Required: Under the Last in First out (FIFO) method for inventory valuation; a) Compute the cost of goods sold and make the necessary journal entries for the selling transaction on July 26, 2020 for this merchandise (merchandise sold in cash). b) Compute the gross profit for this merchandise. c) Compute the cost of ending inventory as of July 30, 2020 for this merchandise