The nventory of the Cadwellder Coal Company on June 30 shows 900 tons of 361 perton. A physical inventory on July 31 shows a total of 1.000 tons on hand. Revenue from sales of coal for July totals 596,000. The following purchases were made during July: July 5. Bo tons or 564 perfon, July 15, 500 tons at 586 por ton; July 25 200 tons at $68 per ton Requirements 1. Compute the inventory nem of July 31, using a FIFO and (b) LIFO. 2. Compute the gross profit uning each method Requirement 1. Compute the inventory value is of July 31 (a) Begin by computing the ending inventory sing FIFO (First in. First out) (Leave any unused on blank. Do not enter for any zero balance Units Unit out Total cost Inventory Layer Beginning inventory Purchase from July 5 Purchase from July 15 Purchrom July 25 tone sons (porton tone por lo tons I porton Ending inventory - FIFO bons b) Now come to the ending inventory value ing LIFO ( L.) Leave any unused cells blank. Do not enter a o'x any zero balance Inventory Lay Units Un con Total out Beginning inventory tons per to Purchase from July tone perton Purchase from July 15 tons * per lo Purchase from July 25 tons perion Ending inveedory UFO Requirement 2. Compute the groun profit using each method Before computing the grous profit calculate the cost of goods sold under och method FIFO LIFO X Cool gods sold Now compute the gross profit using each method. FIFO LIFO Revenues Cost of goods sold Gross profit O Purchases Purchases O Beginning inventory O Cost of goods available for sale Ending inventory (2) O Beginning inventory O Cost of goods available for sale O Ending inventory O Purchases (4) O Purchases (3) O Beginning inventory Cost of goods available for sale O Ending inventory OOOO Beginning inventory Cost of goods available for sale Ending inventory