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Sam's Corner Store has the following purchase and sales information for one of their inventory items: Date Units $/Unit Total Feb 1 Opening inventory $80

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Sam's Corner Store has the following purchase and sales information for one of their inventory items: Date Units $/Unit Total Feb 1 Opening inventory $80 Feb 9 Purchase $225 Feb 15 Sale in $225 Feb 17 Purchase $11 $220 Feb 25 Sale $16 $160 Required: For (a) and (b) assume the company uses the periodic inventory system. (a) Calculate the gross profit if the company uses first-in, first-out (FIFO) (b) Calculate the value of the ending inventory if the company uses weighted average. For (c) and (d) assume the company uses the perpetual inventory system. (c) What is the cost of goods sold for the Feb 25 sale if the company uses weighted average to cost the inventory? (d) What is the value of the ending inventory if the company uses FIFO

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