You have just been hired as the accountant for Gizmo's Gadgets Limited. The manager, Mr. Jazz has come to you with some concerns regarding inventory. Mr. Jazz is unsure how the different methods of calculating the cost of inventory affect the company's net income and has asked to prepare a comparison of the gross profit the company would show under the different methods of costing inventory. You have been provided with the following information with regard to inventory transactions for October 2022: Date Units Cost per unit October 1, 2022 Beginning 5,000 $50.00 inventory October 6 Purchase 5,000 $52.00 October 12 Purchase 5,000 554.00 October 15 Sale 8,000 October 201 Purchase 5,000 $55.00 October 25 Sale 7.500 October 30 Purchase 5,000 $56.00 Gizmo's Gadgets uses a perpetual inventory system The selling price per unit is $120.00 and all sales are on account. Required: 1. Calculate the cost of goods sold for the month of October using: a. FIFO cost flow assumption b. Weighted average cost flow assumption 2. Calculate the cost of ending inventory at October 31 using: a. FIFO cost flow assumption b. Weighted average cost flow assumption 3. Calculate the Gross Profit for the month using: a. FIFO cost flow assumption b. Weighted average cost flow assumption 4. Which method will give Gizmo's Gadgets the highest net income for the month of October 2022. Is selecting the method of calculating inventory costs based on which will give you the highest net income appropriate? Why or why not? 5. Prepare the journal entry to record the October 15 sale assuming the company uses the FIFO cost flow assumption. You must show your work! Round to two decimal points if necessary. Page 1 of 5