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Cowboy Ice Cream Company (CIC) had the following purchases of ice cream bars for Year 1 of operations: @ Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 440 units 140 units 210 units se units @ $6 $2,640 $ 8 - 1,120 $10 - 2,100 $12 - 960 During the year, CIC sold 690 ice cream bars for $17 each. Required a. Compute the amount of ending inventory CIC would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount of ending inventory CIC would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) ufo, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Ending Inventory 180 Required Cowboy Ice Cream Company (CIC) had the following purchases of ice cream bars for Year 1 of operations: Dan. 20 Purchased Apr. 21 Purchased Duly 25 Purchased Sept. 19 Purchased 440 units 140 units 210 units 80 units e e $6 - $2,640 $8 1, 120 $10 - 2,100 $12 - 960 During the year, CIC sold 690 ice cream bars for $17 each. Required a. Compute the amount of ending inventory CIC would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions Complete this question by entering your answers in the tabs below. Required A Required B Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin

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