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Assume that ABBA continues using the weighted average inventory cost flow assumption under the perpetual inventory system.

The following transactions took place in May 2023.

Date	Description	Units	Unit Selling price/cost
May 1	Opening Inventory	3,000	$0.75
5	Sale #1	1,500	6.00
6	Purchase #1	1,250	1.50
10	Purchase #2	750	2.00
16	Sale #2	2,500	7.00
21	Purchase #3	800	3.00

Requirements:

a. Prepare a table for ABBA's inventory with the following headings

Purchased Sold Balance

Date: Units UnitCost COGS Units Units UnitCost Cost

b. Record the journal entry for the May 5 sale. Show calculations for cost of goods sold.

c. Record the journal entry for the May 16 sale. Show calculations for cost of goods sold.

d. Calculate ending inventory in units, cost per unit, and total cost.

e. What is ABBA's gross profit for May?

f. What is its gross profit percentage for May?