Calculating the value of Ending Inventory and Cost of Goods Sold: Lower of Cost or Net Realizable Value Method The following inventory data is taken from the financial records of Fernandez, Inc., a personal computer software manufacturer. Beginning inventory (Jan. 1) Purchases: May 5 Sept.3 Total available for sale No. of Units Unit Cost Total Cost 160,000 $8.00 $1,280,000 60,000 12.00 720,000 60,000 16.00 960,000 280,000 $2,960,000 250,000 ? 30,000 ? Less: Sales* Ending inventory (Dec. 31) Net realizable value per unit 11.20 Sales for No. of the year Units Sold Feb. 3 120,000 Jun. 30 30,000 Oct. 5 100,000 250,000 Required 1. Complete the following table. Round all answers to the nearest whole number. Assume that any LCNRV inventory adjustments are not recorded in Cost of Goods Sold. Periodic Perpetual Ending Cost of Ending Cost of Method Inventory Goods Sold Inventory Goods Sold a. FIFO 0 x 0 x 0 X 0 x b. LIFO 0 x 0 x OX 0 x C. Weighted average* 0 x 0 x 0 x 0 x *Do not round until your final answers