Question 8 (10 marks) Creative Shoes wholesales sports shoes and uses a perpetual inventory system. One of the products they carry is golf shoes. On June 1 Creative Shoes had 50 pairs of golf shoes costing $33 per pair for a total beginning inventory of $1,650. The following buying and selling activity occurred in June for this product. Purchases: Date Units Per pair Total June 3 40 pairs at $35 per pair $1,400 June 15 20 pairs at $38 per pair June 18 10 pairs at $42 per pair $420 Sales: Date Units June 10 15 pairs June 20 80 pairs $760 REQUIRED: Based on the above information, determine the tot dollar cost of: 1. ending inventory as of June 30th and 2. cost of goods sold for the month of June and 3. gross profit for the month of June, assuming that all shoes sell for $75 per pair a) using FIFO inventory valuation method (5 marks) b) using moving weighted average method. Round unit costs to the nearest cent and total amounts to the nearest full dollar. (5 marks) Record your calculations on the following page and complete the forms below: a) FIFO Ending Inventory Cost of Goods Sold Gross Profit From Sales b) Moving Weighted Average Ending Inventory Cost of Goods Sold Gross Profit From Sales Question #8 Answer Sheet: FIFO: Date Purchases Unit Cost Cost of Goods Sold Units Unit Cost Inventory Balance Units Unit Cost Total Total Units Total Moving Weighted Average: Date Purchases Unit Cost Cost of Good Sold Units Unit Cost Inventory Balance Units Unit Cost Total Total Units Total 19