Question #4-Inventory Costing Methods (11 marks) an-Con Company provides the following information for the month of August Total S/Unit Units Date $1,200 $30 40 Aug 1 Opening inventory $2,100 $35 60 Aug 3 Purchase $ 6.000 $ 60 100 Aug 10 Sale $3,600 $40 90 Aug 22 Purchase $4,900 $ 70 Sale 70 Aug 24 Required: NOTE: -MUST SHOW CALCULATIONS FOR EACH METHOD FOR FULL MARKS (a)What is the value of the ending inventory assuming the company uses a periodic inventory system and the weighted-average method? Kdet Suts (b) What is the cost of goods sold if the company uses a perpetual inventory system and the FIFO method of valuing inventory? (c) What is the cost of goods sold if the company uses a perpetual inventory system and the moving- weighted- average-cost method of valuing inventory? Question #6-Inventory Erors and Estimation (11 marks) Part 1 The income statements (in thousands) for Winnipeg Windows are presented below 2016 2018 $360 2017 Net sales Cost of goods sold Beginning inventory Net purchases Cost of goods available Less ending inventory Cost of goods sold Gross margin Operating expenses Net income $240 $275 $70 130 200 $65 $55 135 190 195 260 70 55 65 125 190 170 145 95 150 72 119 $51 109 $23 $41 Ending inventory Overstecled by dol6- $10/000 inwentory undeutated by dot8- 5000 Required: Determine whether each year's net income and owner's equity has been over or understated. Indicate, with support, the amount of any misstatement. (7 marks)