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Sheet1 GROUP ASSIGNMENT 6 CHAPTER 8 (Compute FIFO, LIFO, and Averge Cost-Periodic and LIFO and averge cost Perpetual). Presented below is information related to Product A of Prince Company for the month of July \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline Date & Transactibe & Units & \begin{tabular}{l} Unit \\ Cost \end{tabular} & Total & Units & Selling & Total \\ \hline Lave & & & & rotal & sota & & Total \\ \hline 7/1 & Balance & 100 & 4.1 & 410 & & & \\ \hline & & & & & & & \\ \hline 6 & Purchase & 800 & 4.21 & 3,368 & & & \\ \hline 7 & Sale & & & & 300 & 7 & 2,100 \\ \hline 10 & Sale & & & & 300 & 7.3 & 2,190 \\ \hline & & & & & & & \\ \hline 12 & Purchase & 400 & 4.54 & 1,816 & & & \\ \hline & & & & & & & \\ \hline 15 & Sale & & & & 200 & 7.4 & 1,480 \\ \hline & & & & & & & \\ \hline 18 & Purchase & 300 & 4.60 & 1,380 & & & \\ \hline & & & & & & & \\ \hline 22 & Sale & & & & 400 & 7.4 & 2,960 \\ \hline 25 & Purchase & 500 & 4.7 & 2,350 & & & \\ \hline & & & & & & & \\ \hline \multirow[t]{2}{*}{30} & Sale & & & & 200 & 7.5 & 1,500 \\ \hline & & 2,100 & & 9,324 & & & 10.230 \\ \hline \end{tabular} A. Assuming that the periodic inventory system is used, compute the inventory cost at July 31 under B. the FIFO, LIFO and average cost cost flow assumptions. B. Which of the following cost flow assumptions above will yield the highent gross profit for the income statement in Part A and C. Which of the following cost flow assumptions above will yield the lowerst ending inventory for the balance sheet? and D. Complete the Perpetual Schedule for LiFO and Average Cost applying the facts above. E. Compute the income statement through the gross profit for Perpetual Lifo and Perpetual Avg. Cost F. Explain the reason for the differnces in the computation of the ending inventory and gross profit in Part A and B for LIFO and Average Cost compared to the ending inventory and gross profit using the perpetual inventory syatem. (Show all of your work on the workpaper provided for this assignment)

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