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: Quantity Unit Total Cost Cost Beginning inventory (June 1) 120 $ 10 $ 1,200 Purchase (June 13) 160 12 1,920 Purchase (June 27) 128 11.50 1,472 Total 408 $ 4,592 On June 22, Tonkolili Inc. sold 240 units of this product for $15.00 Requirement Make the journal entry of the sales and cost of gold sold using the following methods a. FIFO b. LIFO C. Average Cost d. Specific identification (100 products from June 1, 140 from June 13,) B. Compute the ending Inventory for each method C. Compute the gross profit and rank the methods from high to low