(Appendix) Compute ending inventory and cost of goods sold under a periodic inventory system.

- Under a periodic inventory system, the inventory costing methods are applied as if all purchases during an accounting period take place prior to any sales of the period. Given this assumption, you will then apply the following steps:

- Step 1: Calculate the cost of goods available for sale for the period.

- Step 2: Apply the inventory costing method to determine ending inventory and cost of goods sold.