Question Number Three Part a: The inventory of Product B and data on purchases and sales for a two-months period follow. The company closes its books at the end of each month. It uses the periodic inventory system. Requirement: Apr. Beginning inventory 50 units @ $102 10 17 Purchase Sale 100 units @ $110 30 Ending inventory May 2 Purchase 90 units 60 units 100 units @ $108 14 Purchase 50 units @ $112 22 30 Purchase Sale 60 units @ $117 200 units Ending inventory 70 units a. Calculate 'Cost of Goods Sold' for two months using periodic inventory system. b. Calculate the 'Gross Profit' for each month and discuss the profitability. Part b: (4) (4) Use the data provided in part a of the question number three, but assume that the company uses the perpetual inventory system. Hint: Develop Inventory Subsidiary Ledgers, where required. Required a. Determine the cost of ending inventory and cost of goods sold for April and May using the average-cost method. Round unit costs to cents and totals to dollars. (3)