Calculating the Value of Ending Inventory and Cost of Goods Sold: Periodic Method Desmond Consolidated, Inc. is a leading manufacturer of steel products. The following inventory data relates to the firm's production during the first quarter of 2020: Tons of Raw Purchase Date of Steel Price Total Purchase Purchased per Ton Cost Jan. 1 500 $38 $19.000 Jan. 15 700 35 24,500 Feb. 7 200 33 6,600 Feb. 21 450 30 13.500 March 15 350 43 15.050 2,200 $78,650 At the end of the first quarter of 2020, Desmond's internal auditors determined that 1,700 tons of raw steel had been processed and sold. Required 1. Calculate the cost of steel processed and sold during the quarter under each of the following methods, assuming use of a periodic inventory management system: a. FIFO $ 0 b. LIFO $ 0 c. Weighted-average.* $ 0 *Do not round until your final answer. 2. Assume that the net realizable value per ton is $38.50 at the end of the quarter. What amount should Desmond's ending inventory be valued at on its March 31 balance sheet under each of the following methods? Round answers to the nearest whole number. a. FIFO $ b. LIFO $ 0 c. Weighted-average.* $ 0 *Do not round until your final