Watergate, Inc. uses a perpetual inventory system. It entered into the following purchases and sales transactions. Use this information to answer the questions that follow.

$\backslash$table$[[$Date$,$Watergate, Inc. Inventory,$],[$Activities$,$Details,$],[$Oct$.1,$Beginning Inventory,$110$ units @ $$20],[$Oct$.5,$Purchase,$50$ units @ $$22],[$Oct$.9,$Sale,$60$ units @ $$40],[$Oct$.18,$Purchase,$70$ units @ $$25],[$Oct$.24,$Sale,$55$ units @ $$40]]$

Question $1$

Watergate, Inc.: Assuming FIFO inventory method answer the following:

Total cost of goods sold at the end of the period.

Ending inventory in dollars not units at the end of the period.

Gross profit for the period.

Question $2$

Watergate, Inc.: Assuming LIFO inventory method answer the following:

Total cost of goods sold at the end of the period.

Ending inventory in dollars not units at the end of the period.

Gross profit for the period.