The company uses a periodic inventory system. Assume that a physical inventory count on December 31 indicates that 85 units are on hand. (For weighted-average calculations, round per unit costs to the nearest cent and all other amounts to the nearest dollar.) (A) Calculate the cost of ending inventory, and cost of goods sold for December, using each inventory costing method FIFO LIFO Weighted-average 7,480 Ending inventory Cost of goods sold (B) Assume that total sales revenue for December was $24,000. Calculate gross profit for December using each inventory costing method. FIFO Cost LIFO Cost Weighted-averageData Table Gross proft Dec. 320 units@ $ 82 each 2 30 units @ $ 87 each 18 45 units S 90 each (i) Indicate gross profit for the month assuming FIFO inventory costing Gross profit is $ (i) Indicate gross profit for the month assuming LIFO inventory costing. Gross profit is $ (ii) Indicate gross profit for the month assuming weighted-average inventory costingoweighted-average calculations, round per unit costs to the nearest cent and using the FIFO inventory costing method using the LIFO inventory costing method. all other amounts to the nearest dollar.) Gross profit is $ using the weighted-average inventory costing method. More Info Oct. 1 Beginning merchandise inventory 11 Purchase 23 Sale 26 Purchase 29 Sale 28 tires @ $ 70 each 7 tires @ 80 each 14 tires@ $ 89 each 21 tires @ S 82 each 25 tires @ $ 89 each