Tonkolili Inc. uses a perpetual inventory system. The company's beginning inventory of the Captain Fresh Soap product and its purchases during the month of February were as follows:

Tonkolili Inc. uses a perpetual inventory system. The company's beginning inventory of the Captain Fresh Soap product and its purchases during the month of February were as follows: (15 points) Quantity Unit Total Cost Cost Beginning inventory (Feb. 1) 15 $ 20 S 300 Purchase (Feb. 8) 20 22 440 Purchase (Feb. 25) 17 23 391 Total 52 $ 1131 On February 21. Tonkolili Inc. sold 30 units of this product for $25.00 Requirement A. Make the journal entry of the sales and cost of gold sold using the following methods i. FIFO ii. LIFO Average cost iv. Specific identification (14 of the products were from Feb 1 and the other 16 were from Feb 8) B. Compute the ending Inventory for each method C. Compute the gross profit and rank the methods from high to low. 111