The College Store Inc. inventory records showed the following data relative to a particular item sold regularly (transactions occurred in the order given): Transaction 1. Beginning inventory Purchase 3. Sales (at S13 per unit) 4 Purchase 5. Sales (at $13.50 per Units 3,000 27,000 -10,500 Unit Cast $5.00 5.20 5.50 -24,000 unit) 6.00 6. Purchase 7. Ending inventory 4,500 9.000 Required: 1. Complete the following schedule (round unit costs to nearest cent and total cost of inventory and cost of goods sold to the nearest Sl) - 6 marks: Inventory Method Ending Inventory Cost of Goods Sold Gross Margin a. FIFO (Periodic) b. Weighted duxerage (Periodic) 2. Which method (FIFO or Weighted Average will maximize the net income of the company? Briefly explain. (1.5 marks) 3. Which method (EIE or Weighted Average) will maximize the current ratio of the company? Explain. (1.5 marks)