3. LP Trading had a beginning inventory on November 1 of 50 units of goods at a cost of $50 per unit. During the year, the following purchases, purchase returns, sales and sales returns were made. Nov 05 Sale 30 units at $75 Nov 07 Sale return 5 units at $75 Nov 10 Purchase 95 units at $45 Nov 15 Sale 65 units at $70 Nov 16 Sale return 10 units at $90 Nov 20 Purchase 50 units at $35 Nov 10 Purchase return 10 units at $45 Nov 28 Sale 35 units at $68 LP Trading uses a periodic inventory system. (a) Determine the cost of goods available for sale. [2] (b) Determine the (1) cost of ending inventory and (2) cost of goods sold under FIFO and LIFO method of cost flow. [8]