Some of the information found on a detailed inventory card for Bramble Stationery Ltd. for May is as follows: Received Issued Balance No. of Units Unit Cost No. of Units No. of Units Date May 1 (opening balance) 1,240 $2.90 1,240 2 1.130 3.00 2,370 7 760 1,610 10 650 3.20 2,260 13 540 1,720 18 1.100 3.30 320 2,500 20 1,150 1,350 23 1,400 3.40 2,750 26 850 1,900 28 1,620 3.60 3,520 31 1,400 2,120 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 e Textbook and Media 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 $ $ $ Weighted Average - $ $ $ e Textbook and Media 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 % e Textbook and Media 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