The inventory of the Shannon Gravel Company on June 30 shows 1,200 tons at $10.00 per ton. A physical inventory on July 31 shows a total of 1,800 tons on hand. Revenue from sales of gravel for July totals $250,000. The following purchases were made during July Click the icon to view the inventory data.) Requiremonts 1. Compute the inventory cost as of July 31 using (a) LIFO and (b) FIFO. 2. Compute the gross profit using each method. Requirement 1. Compute the inventory cost as of July 31 using (a) LIFO and (b) FIFO. (a.) Begin by completing the table below to determine the value in ending inventory using LIFO (Last-in, Last-out). (Leave any unused cells blank. Do not enter a v" for any zero balances) Inventory Layer Units Unit cost Total cost July 1 beginning inventory 1,200 X $ 10.00 - July 8, purchases XS 1200 July 13, purchases July 22, purchases Ending inventory - LIFO Data table July 8 July 13 July 22 5,800 tons $12.00 perton 1,300 tons @ $13.50 perton sofons $15.50 per ton Clear all Check