Strand Retail Corp had the following info:

Beginning Inventory 2,500 units @ $30/each

Purchased 4,000 units @ $35/each

Purchased 4,500 units @ $37/each

Sold 6,500. units for $75/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?

6) Advise at least 3 ways Strand can increase their Gross Profit