Some of the information found on a detailed inventory card for Pina Colada Stationery Ltd. for May is as follows: Received Issued Balance Date No. of Units Unit Cost No. of Units No. of Units May 1 (opening balance) 1,130 $2.90 1,130 2 1,030 3.00 2,160 7 690 1,470 10 590 3.20 2,060 13 500 1,560 18 1,000 3.30 300 2.260 20 1,100 1,160 23 1,280 3.40 2,440 26 800 1,640 28 1,480 3.60 3,120 31 1,250 1,870 From the above data, calculate the ending inventory based on each of the following cost formulas. Assume that perpetual inventory records are kept in units only and average cost is calculated monthly at each month end. (Round intermediate calculations to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 5,275.) Ending Inventory First-in, first-out (FIFO) $ Weighted average cost Based on your results in part (a), and assuming that the average selling price per unit during May was $7.25, prepare partial income statements up to the gross profit on sales line. (Round answers to O decimal places, e.g. 5,275.) FIFO $ V vi $ Calculate the gross profit percentage under each inventory cost formula. (Round answers to 1 decimal place, e.g. 527.5.) Gross Profit Percentage First-in, first-out (FIFO) % Weighted average cost % Assume the perpetual inventory record is kept in dollars, and costs are calculated at the time of each withdrawal. Recalculate the amounts under this revised assumption. (Round average unit costs to 4 decimal places, e.g. 52.7521 and final answers to 2 decimal places, e.g. 52.75.) Ending Inventory First-in, first-out (FIFO) $ Moving average cost $ e Textbook and Media Would the ending inventory amounts under each of the two cost formulas above be the same? e Textbook and Media