4) Inventory Balance and COGS (10 points) Sherman Electric shows the beginning inventory of a particular product, and the purchases during the current year, as follows: = Jan. Mar Aug. Oct. 1 Beginning Inventory 8 Purchase 11 Purchase 23 Purchase Total available for Sale 45 35 90 30 200 units @ units @ units @ units @ units = $105 $115 $125 $135 $4,725 $4,025 $11,250 $4,050 $24,050 = At December 31", the ending inventory of this product consisted of 55 units. Instruction: (show your calculations and round to 2 decimal places) Determine the cost of the year-End Inventory and the Cost of Goods Sold for this product under each of the following Methods of Inventory Valuation: 1 Inventory at Dec. 31st Cost of Goods Sold Average Cost First-in, First-out Last-in, First-out If Sherman Electric wants to achieve a high profit end of the year, which method should they choose? Explain fully your