ACCT 201 Case Fall 2021 Page 4 Question 3: Orchid Company reports the following information regarding merchandise Inventory for August. Assume Gray uses the periodic system and that 350 units of merchandise were on hand on August 31, Date Explanation Units Unit Cost Total Cost August 1 Inventory 100 $50 $ 5,000 August 10 Purchase 18,000 300 60 Purchase 400 70 28,000 Purchase 16,000 200 80 August 16 August 24 67.000 a What is the cost of goods available for sale for August? How many units of inventory were available for sale during August? 000 b C What is the cost of ending inventory under FIFO? d How much is cost of goods sold under FIFO? e b: 100 What is ending inventory under the average cost method? Show your calculations in the space below. ai sooo 300 +18000 400 28,000 + zoo 16,000 1000 Ci 16 24