Purple Cube Inc.’s inventory records are shown below – use t…
Purple Cube Inc.’s inventory records are shown below – use this information to answer the six questions: Inventory Data Beginning Inventory 300 units @ $1.50 Purchase @ May 31 375 units @ $2.00 Purchase @ August 31 400 units @ $3.00 Sales @ October 15 925 units @ $5.00 Calculate the following as they relate to Purple Cube Inc.: Required Questions 1) Cost of Goods Sold under the Weighted Average method: 2) Ending Inventory under the Weighted average method: 3) Cost of Goods Sold under the FIFO method: 4) Gross Margin under the FIFO method: 5) Ending Inventory the LIFO method 6) Gross Margin under the LIFO method Note: Do not round intermediate calculations. Solutions will be rounded to nearest whole number.