Your Name: Your TA's Name Lab Section Time: 8. What is cost of goods sold using the average cost method of inventory cost flow? ACCT 200: LAB 7 - INVENTORY ACTIVTY: Part 2 9. What is the ending inventory value using the average cost method of inventory cost flow? 10. Determine the Gros Profit under each cost flow method and fill in the below table. INVENTORY COST FLOW METHODS Magnolia Tree Company sells many varieties of magnolia trees to residential customers around the Kansas region. Magnolia Tree Company uses the periodic inventory system. At the start of April, Magnolia had 100 trees with a cost of $150 each in beginning inventory. During the month, it also had the following purchase and sales transactions. Answer the questions below for the month of April. On April 7, Magnolia purchased 50 trees with a cost of $160 each. On April 10, Magnolia sold 25 trees to a customer building a new home. Each tree was sold for $300. On April 18, Magnolia sold 15 trees to another customer for their backyard for $325 each. On April 24, Magnolia purchased 25 trees which cost $4,250 total On April 28, Magnolia sold 40 trees to a recurring customer for $300 each. FIFO LIFO Average Cost Sales Revenue Cost of Goods Sold Gross Profit 1. How many trees did Magnolia have available to sell for the month of April? 2. What is cost of good available to sell for the month of April? 3. How many trees were left in ending inventory at the end of the month? 4 What is cost of goods sold using the FIFO method of inventory cost flow? 5. What is the ending inventory value using the FIFO method of inventory cost flow? 6. What is cost of goods sold using the LIFO method of inventory cost flow? 7 What is the ending inventory value using the LIFO method of inventory cost flow