Smooth Noodles began April with 87 units of inventory that cost $50 each. During the month, Smooth made the following purchases: 2. (Click the icon to view the purchases.) The company uses the periodic inventory system, and the physical count at April 30 shows 60 units of inventory on hand. Required 1. Determine the ending inventory and cost of goods sold amounts for the April financial statements under (a) weighted-average cost and (b) FIFO cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 2. Sales revenue for April totalled $56,000. Compute Smooth's gross margin for April under each method. 3. Which method will result in higher net income for Smooth? Why? Requirement 1. Determine the ending inventory and cost-of-goods-sold amounts for the April financial statements under (a) weighted-average cost and (b) FIFO cost. (Round the unit cost to two decimals and the ending inventory and cost of goods sold to the nearest dollar.) Purchases