Homework Question no. 2: - Lebanon Trading Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory. Jan. Sales 10 Jan. Purchase 20 Jan. Sales. Units Acquired at Cost Units Sold at Retail 140 units @$6.00 $ 840 100 units @ $15 60 units @ $5.00 = 300 80 units @ $15 25 Jan. Purchase. 180 units @ $4.50 = 810 30 Totals. 380 units $1,950 180 units Required: You have to use "FIFO" methods and calculate the following: a) Calculate cost of ending inventory on December 31, 2019 b) Calculate cost of goods sold for the period ending on December 31st, 2019 c) Calculate gross profit for the period ending on December 31, 2019.