2. Green Company merchandises a single inventory item. The company uses the periodic inventory system and has provided the following data: 1/1/16 Inventory 4,000 units valued at $4,000 in total (using LIFO). 1/1/16 LIFO Reserve = $5,000 4/1/16 Purchased 8,000 units at $2.10 per unit 6/1/16 Purchased 4,000 units at $2.30 per unit 8/1/16 Purchased 5,000 units at $2.50 per unit For the year ended 12/31/16 a total of 10,000 units were sold at $3.50 per unit Requirements: A. Calculate Green's COGS for the year ending 12/31/16 assuming they use the LIFO inventory method. (10) B. Calculate Green's LIFO reserve as of 12/31/16 (10) 5000x2.514000 Xr3t 1o0ox2- A. 2.800 2.COAS is3oo b. berimning fo gerne: 51000 Lost tgoad solds under fto: 8oo0X2-| 4000XL.3 = 16800 +4bv0 s14v0 dtornn in oes: 280*~21400 2too. tnding ro meserve: 000-2,400-260o. 12/31/162, bro nfo ene a