3. Phoenix Inc sells snowboards. At the beginning of August, Phoenix had in beginning inventory 2,500 snowboards with a unit cost of $7. During August, Phoenix made the following purchases of snowboards. August 5 August 9 August 13 August 26 2500 at $9 per unit 3500 at $11 per unit 4250 at $14 per unit 2500 at $17 per unit During August, 12,152 units were sold. Phoenix uses a periodic inventory system. Instructions a. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. b. Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?|