QUESTION 2 (14 marks) Gordon Company uses a periodic inventory system and the following inventory related transactions for 2020 are available: Units Unit Cost $60 Total Cost $600 10 Jan 1 Beginning Inventory Purchases March 28 Purchase August 22 Purchase October 14 Purchase Goods Available for Sale 20 20 25 66 70 76 1,320 1,400 1.900 $5,220 Sales May 1 October 28 Total Revenue Sales Sales 25 20 Unit Sales Price $100 $100 Revenue $2,500 $2,000 $4,500 A physical count indicates 30 units in inventory at year-end. Required: (Show all calculations and round ALL answers to 2 decimal places.) a. (5 marks) Using First-In-First-Out method, calculate the following: (i) Cost of ending inventory (ii) Cost of goods sold b. (5 marks) Using weighted average cost method, calculate the following: (i) Cost of ending inventory (ii) Cost of goods sold c. If Gordon Company adopts a perpetual inventory system and uses weighted average cost method, calculate the following: (4 marks) (i) Cost of ending inventory (ii) Cost of goods sold