Inventory valuation with a periodic system Bismarck Company uses a periodic inven- tory system. It maintained the following record of purchases and sales of the 16.5V dual-phase transformer:

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Jan. 1 Beginning inventory 120 @ $18.00 $2,160.00 Mar. 3 Purchases 30 @ 18.50 555.00 May 22 Sold 80 units June 1 Purchases 60 @ 19.20 1,152.00 Aug. 8 Sold 90 units Oct. 18 Purchases 40 @ 21.00 840.00 REQUIRED Compute the cost of ending inventory and cost of goods sold using: a. First in, first out. b. Last in, first out. c. Weighted average.