Question A,

Prestige Inc. sells a product called Jewel. The table shown provides the purchases and sales of the Jewel product during the month of April. Prestige uses a perpetual inventory system. Purchases Sales Units Unit Cost Units Selling PricetUnit Mar 1 Beginning inventory 450 $55 3 Purchase 125 ED 4 Sales 133 $90 10 Purchase T5 67 15 Sales 290 126 19 Sales 95 130 25 Sales 45 128 35 Purchase 340 71 Required - :1. Applying FlFClI methodology, calculate the total cost of purchases, cost of goods sold, and cost of ending inventory for the month of April. Please show your calculations. {II marks) 5. Applying the average cost methodology. calculate the total cost of purchases. cost of goods sold, and cost of ending inventory for the month of April. Please show your calculations and round your results to two decimal points for presentation purposes. {3 marks} c. Calculate the gross margin for each method (in proper form). Please compare each and provide a proper interpretation as to which is appropriate and advice you'd offer. [2 marks] (round any calculation to nearest 2 decimal places}