The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning Inventory 1001 $10.00 15-Apr Purchase 2001 $11.00 24-Aug Purchase 300 $12.00 27-Nov Purchase 400 $13.00 At the end of the fiscal year, the physical inventory found 450 widgets on hand at 12/31. Total sales for the year were 500 widgets sold at a retail price of $20.00 per widget Required: (a) Calculate the endign inventory value under FIFO, LIFO and Weighted Average (b) Calculate the gross profit for each of the inventory methods PP Total Cost Step 1 Units 1-Jan 15-Apr 24-Aug 27-Nov Goods Available for Sale Ending Inventory FIFO Units remaining in Inventory Units remaining in Inventory Goods Available for Sale Ending Inventory Cost of Goods Sold Sales COGS Gross Profit LIFO Units remaining in Inventory Units remaining in Inventory Units remaining in Inventory Ending Inventory Goods Available for Sale Ending Inventory Cost of Goods Sold Sales Cost of Goods Sold Gross Profit Weighted Average Units removed from inventory Goods Available for Sale Ending Inventory Cost of Goods Sold Sales Cost of Goods Sold Gross Profit