The college store inc inventory records showed the following data in relation to a particular item sold regularly (transactions in the same order).

1) Complete the following schedule :

Inventory Method	Ending Inventory	Cost of Goods Sold	Gross Margin
a) First in First out (periodic)
b) Weighted average (periodic)

2) Which maximizeds net income and explain.

3) Which maximized current ratio of the company and explain.

Unit Cost $5.00 5.20 Transaction 1. Beginning inventory 2. Purchase 3. Sales (at $13 per unit) 4. Purchase 5. Sales (at $13.50 per unit) 6. Purchase 7. Ending inventory Units 3,000 27,000 -10,500 9,000 -24,000 5.50 6.00 4,500 9,000