Calculating income statement components Sales 456,000 240,000 135,789 g i Cost of goods sold a c 23,456 98,765 230,000 Gross profit from sales 350,000 d e h 98,745 Operating expenses 70,500 12,345 f 999,999 j Profit (loss) b 24,680 - 3,333 12,356 - 87,264 Engleton Merchants uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: Jan 1 Beginning inventory ......................................................................... 2000 units @ $14.75 = $ 29500 Mar 9 Purchase ......................................................................... 1250 units @ $14.00 = 17500 Aug 11 Purchase ......................................................................... 1000 units @ $12.50 = 12500 Dec 23 Purchase ......................................................................... 800 units @ $12.00 = 9600 Total available for sale in year ......................................................................... 5050 units $69100 At December 31, the ending inventory of this product consisted of 1100 units. 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: Calculate the following. All answers must be written numbers only e.g. $400,000.00 Your answer should be 400000 (Do not show dollar '$" signs or commas and decimal places) Inventory at Dec. 31 Cost of Goods Sold (a) Average cost $________ $________ (b) First-in, first-out $________ $________ (c ) Last in, first-out $________ $________