The following lots of a particular commodity were available for sale during the year: beginning inventory 5 units at $61 first purchase 15 units at $63 second purchase 10 units at $74 third purchase 10 units at $77 The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of goods sold the year according to the LIFO method? The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. date product z units costs may 3 purchase 5 30 may10 sale 3 may 17 purchase 10 34 may 20 sale 6 may 23 sale 3 may30 purchase 10 40 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. Assume that three identical units of merchandise are purchased during October, as follows: units cost october 5 purchase 1 5 12 purchase 1 7 28 purchase 1 9 total 3 21 Assume one unit is sold on October 31 for $15. Determine Cost of Merchandise Sold, Gross Profit, and Ending Inventory under the LIFO method. October 31 Sales $ Cost of Merchandise Sold $ Gross Profit $ Ending Inventory $ The units of Manganese Plus available for sale during the year were as follows: mar 1 inventory 16 units @$30 $ 480 june 16 purchase 30 units @$35 1050 nov 28 purchase 45 units @$39 1755 total 91 units 3285 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. $ b. Determine the inventory cost by the LIFO method. $ c. Determine the inventory cost by the average cost method. Round interim calculations and final answer to two decimal places