Sales ($50 per unit) Cost of Goods Sold Gross Profit S500,000 500.000 500.000 $200,000 228.000 213,333 $300.000 272.000 26.7 The three alternative cost now assumptions are FIFO, average, and LIFO (the alternatives are sold under each alternative is based on the following da: arily presented in this sequence). Lee uses the periodic inventory system. The computation of the cost of goods Cost/Unit Units 12,000 4,000 ,000 ,000 Inventory, January Purchase, January 10 Purchase, February 15 Purchase, March 10 21 Required: rative average cost. (Do not round intermediate calculations (average cost pert). If required, round 1. Prepare schedules proving the cost of goods sold shown here under each of the three your final answers to the nearest dollar.) LEE COMPANY Schedules of Cost of Goods Sold For First Quarter Ended March 31 UFO Begg ary Purchases 1. Prepare schedules proving the cost of goods sold shown here under each of the three alternatives. For average cost. (Do not round Intermediate calculations (average cost per unit). If required, round your final answers to the nearest dellar.) LEE COMPANY Schedules of Cost of Goods Sold For First Quarter Ended March 31 Beginning inventory Purchases Cost of goods available for sale vini Dhing Less: Ending inventory Cost of goods sold 2. Prepare schedules computing the ending Inventory (in units) under each the three siternatives. Beginning inventory Purchases Units available for LAS Ending inventory Prepare schedules computing the ending inventory (in dollar) under each of the threr atematives. For average cost (Do not round Intermediate calculations (average cost per unit) and round final awwer to the nearest dollar.) FIFO units units units Average units of