2uestion 8: Orchid Company reports the following information regarding merchandise inventory for August. Assume Orchid uses the periodic system and that 350 units of merchandise were on hand on August 31. Show your work in the space provided to receive credit. a. What is the cost of goods available for sale for August? b. What is the cost of ending inventory under FIFO? c. How much is cost of goods sold under FIFO? d. What is the average cost per unit under the average cost method