Question 3: (9 marks) Information related to Churchill Corporation's inventory for December is given below: Purchases Sales Unit Total Selling Total Units Cost Cost Units Price Unit Sales $ Dec 1 Beginning inventory 10 $60 $600 Dec 3 Purchase 130 $50 $6,500 Dec 9 Sale 90 $100 $9,000 Dec 13 Purchase 50 $52 $2,600 Dec 15 Purchase 25 $53 $1,325 Dec 17 Sale 30 $110 $3,300 Dec 20 Purchase 50 $54 $2,700 Dec 26 Sale 5 $95 $475 Required (parts a, b & c): a) Assume Churchill Corporation uses the periodic inventory system Calculate the ending inventory in units and total dollars at December 31 using FIFO. (show calculations) You are welcome to use the inventory worksheets provided, but please transfer your final answer to the space below. Question 3, continued b) Assume Churchill Corporation uses the perpetual inventory system Calculate the ending inventory in units and total dollars using average cost. Show calculations to receive full marks (either here or on the inventory sheets). You are welcome to use the inventory worksheets provided, but please transfer your final answer to the space below. Using the data from part b, what is the cost of goods sold (COGS), gross profit and gross profit margin for the month of December? Show calculations to receive full marks (either here or on the inventory sheets). You are welcome to use the inventory worksheets provided, but please transfer your final answer to the space below