3. Perpetual LIFO and FIFO. (17 points) Watson Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Quantities Unit Price Date Purchased Sold Balance of Purchase January 11 400 400 $4.65 January 24 1,300 1,700 $4.90 February 8 300 1,400 March 16 560 840 June 11 600 1,440 $5.10 Instructions: Show work clearly and label all figures for partial credit. (a) Compute the ending inventory at June 30 under the perpetual LIFO method (6 points). Date Purchased # Units Unit Price Total costs Ending inventory 1,440 $ (b) Compute the cost of goods sold under the periodic FIFO method (6 points). Date Purchased # Units Unit Price Total costs Costs of goods sold 860 $