2: (10 Marks) XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory is 500 units at 5 $ each. Information related to XYZ Company's inventory at October 31 is given below: Alpha CO Date Explanation Units Units Cost Total Cost 10/08 Purchase 800 $ 11 10/15 Purchase 600 $ 14 10/20 Purchase 300 $ 15 Total goods available During the year, 1400 units were sold. Required: 1. Compute the cost of ending inventory and the cost of goods sold under: (6 marks) a. FIFO method b. LIFO method c. The weighted average Answer: a. FIFO.. b. LIFO. (2 marks) Step 2 Step 1 Ending Inventory Cost of Goods Sold (2 marks) Step 2 Step 1 Ending Inventory Cost of Goods Sold c. Weighted average. (2 marks)