Strand Corp has the following information:

Beginning Inventory

$1,000$ units @ $$200/$unit

Purchased$-$

$3,000$ units @ $$250/$unit

Purchased$-$

$1,500$ units @ $$325/$unit

Sold$-$

$4,400$ units for $$\frac{500}{?}$ each

REQUIRED: for FIFO, LIFO and Weighted Average:

Calculate the value of Ending Inventory $(12$pts$)$

Calculate and show the schedule for Cost of Goods Sold $(15$pts$)$

Calculate and show the schedule for Gross Profit $(9$pts$)$

Calculate and show the Gross Profit Percentage $(6$pts$)$

What inventory valuation method would you suggest using and why? $(3$pts$)$

Identify some ways a co can improve their gross profit $(3$pts$)$