1 (20 marks) Bright Company uses the periodic inventory system. The company's beginning inventory and later purchases of inventory during Nov 2020 were as below: Nov 01: Beginning inventory, 35 units @ $20 per unit. Nov 17: Inventory purchased, 75 units @ $25 per unit. Nov 25: Inventory purchased, 70 units @ $32 per unit. Bright company sold 105 units during the month of Nov 2020. Required: 2. Calculate the cost of goods sold and ending inventory for Nov 2020 using both the Weighted Average cost and First in, first out (FIFO) method. (14 marks) b. Also record the journal entries for the Nov 17 purchase of inventory and when 70 units from this lot were sold for $45 each. Assume both purchase of inventory and its sale are on account. (6 marks)