2. 12 15 21 8 S315 $320 Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MP8 care stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows. (25 marks) Number of Units Cost per Unit Total Cost Inventory, Jan 1 $299 $3.588 1"purchase (May 12) $306 $4,590 20 purchase (July 9) $308 S6,468 3" purchase (Oct 4) $2,520 4" purchase (Dec 18) $5.440 Good available for sale 73 $22.606 Units sold during the year 51 Inventory, Dec 31 a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MP8 systems during the year under each of the following cost flow assumptions. i. FIFO ii. Average cost Which of the two inventory pricing methods provides the most realistic balance sheet valuation of inventory in light of the current replacement cost of the MP8 units? Does this same method also produce the most realistic measure of income in light of the costs being incurred by Clear Sound Audio to replace the MP8 systems when they are sold? Explain ] b