Bailey company ha inventory at January 1, 2016 consisting of 3, 000 units at a cost of $5 per unit ()$15, 000 total beginning inventory). During the year Bailey's inventory purchases including the following: Bailey's physical inventory count determined that there were 5, 500 units in inventory at December 31, 2016.Assume Bailey uses the periodic inventory system. Compute the December 31, 2016 inventory assuming Bailey uses the first in, first out (FIFO) cost flow assumption. Show your work. Compute the 2016 cost of goods sold assuming the FIFO cost flow assumption. Show your work. Compute the December 31, 2016 inventory assuming Bailey uses the last in, first out (LIFO) cost flow assumption. Show your work. Compute the 2016 cost of goods sold assuming the LIFO cost flow assumption. Show your work