Strand Retail Corp had the following info:

Beg Inventory 2,500 units @ $30/each

Purchased 4,000 units @ $35/each

Purchased 4,500 units @ $37/each

Sold 6,500 units for $70/each

REQUIRED: for FIFO, LIFO and Weighted Average:

1. Calculate the value of Ending Inventory
2. Show the schedule for Cost of Goods Sold
3. Show the schedule for Gross Profit
4. Calculate Gross Profit % (carry out at least 1 decimal point)
5. What inventory method should Strand use and why?