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Some of the information found on a detailed inventory card for Sarasota Stationery Ltd. for...

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Accounting

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Some of the information found on a detailed inventory card for Sarasota Stationery Ltd. for May is as follows: Received Unit Issued No. of Units No. of Units Date May 1 (opening balance) 1,170 1,070 Cost $2.90 3.00 710 610 3.20 Balance No. of Units 1,170 2,240 1,530 2,140 1,620 2,320 1,220 1,740 2540 (1220+1320 = 2540) 2,540 1740 (2540-80o = 1740) 3,280 1,930 1,000 3.30 520 300 1,100 1,320 3.40 800 1,540 3.60 1,350 Based on your results in part (a), and assuming that the average selling price per unit during May was $7.25, prepare partial income statements up to the "gross profit on sales" line. (Round answers to 0 decimal places, e.g. 5,275.) FIFO Weighted Average Purchases Gross Profit/ (Loss) Ending Inventory Beginning Inventory Cost of Goods Sold Sales

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