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 10 $8 $80 Feb 9 Purchase 25 $9 $225 Feb 15 Sale 15 $15 $225 Feb 17 Purchase 20 $11 $220 Feb 25 Sale 10 $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?

Subject-Accounting