Question 6 (10 points) During August, Five Company the following changes in inventory item #522 took place Aug 1 Balance 1,000 units @ $11 Aug 14 Purchased 1800 units @ $12 Aug 24 Purchased 500 units @ $15 Aug 15 Sold 1,100 units @ $40 (selling price) Sold 900 units @ $42 (selling price) Aug 29 Perpetual inventories are maintained. Required: For the month of August, 1. Determine the cost of the ending inventory for item #522 under the weighted-average method? (Show calculations ) (Be sure to know the date of each transaction) 2. Determine the cost of goods sold for item #522 under the weighted average method? (Show calculations) 3. If you were the Chief Executive Officer of this company, and you received a bonus based on the net income of the company, which method of inventory valuation would you prefer? Or would you not care at all? Explain briefly Paragraph B. UA, 11