Question 2: Problem 6-6B (Textbook p. 261) Bantzellindustrial Supplies distributes industrial equipment. The company's fiscal year ends on March 31, 2020. One department in the company has 50 industrial sinks that cost $540 each on hand at January 1, 2020. During the quarter the Department purchased merchandise on account as follows: January February March Units 120 24 Unit Cost $585 $360 $450 Total $70,200 $8,640 21,600 48 36 Sales for each month in the quarter were as follows: Units Unit Selling Price Total January $ 1,260 $45,360 February 108 $ 1,080 $116,640 March 60 $ 1020 $61,200 Operating expenses in the quarter where $95,000. Assume that the company uses perpetual inventory system. Also assume that monthly purchases of inventory occur on the first day of each month. The Inventory tracking tables (on the next page) have been provided as a tool to assist you with the calculations of purchases, cost of goods sold and inventory on hand under the two methods: a) FIFO Costing Method; andb) Weighted Average Costing Method These charts will NOT be graded and are for your use only. Required (24 marks): After completing the Inventory charts and/or your calculations by hand, use your answers to complete this summary chart. Only the summary chart will be graded. (Remember: For the unit cost under average costing, round to 2 decimal points. Use this rounded value in your calculations. I.e.. if value is $49.6969...use 49.70 for the following sales) FIFO Average Cost a) Ending Inventory - Quantity (units) b) Feb. 1 Purchase only - Total Cost ($) c) Feb. Sales only. Cost of Goods Sold (S) d) Ending Inventory-value (S) e) Cost of Goods Sold ($) f)Total Quantity of Units Sold c) Total Sales ($) f) Gross Margin ($) (to be calculated here)