Part IAnswer the following questions based on the information below:Beginning In

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    Part IAnswer the following questions based on the information below:Beginning Inventory 1000 unitsPurchases 1500 unitsUnits available for sale 2500 unitsUnits sold 2200 unitsEnding inventory 300 unitsInventory Purchases HistoryBeginning Inventory value 1000 units @ $2.00March 1 Purchase 700 units @ $4.00March 12 Purchase 600 units @ $6.00March 23 Purchase 200 units @ $8.001. Calculate the cost of goods sold under the FIFO inventory method. (12 points)2. Calculate the ending inventory monetary value under the FIFO inventory method. (12 points)3. Calculate the cost of goods sold under the LIFO inventory method. (12 points)4. Calculate the ending inventory monetary value under the LIFO inventory method. (12 points)5. Calculate the cost of goods sold under the Average Cost inventory method. Round to the nearest cent. (12 points)6. Calculate the ending inventory monetary value under the Average Cost inventory method. Round to the nearest cent. (12 points)Part IIAnswer the questions below based on the following information.Sales Discounts $ 25000Operating Expenses $ 76000Sales Returns and Allowances $ 10000Total Sales $500000Cost of Goods Sold $2500001. Calculate net sales. (9 points)2. Calculate gross profit. (9 points)3. Calculate net income. (10 points)

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