Chapter 5 Soud Sales during the year were 780 units. Beginning inventory was 270 units at a cost of 4 per unit Purchase 1 was 390 units at $5 per unit. Purchase 2 was 610 units at $6 per unit. Required: a. Assume the periodic inventory system is used Calculate cost of goods sold and ending inventory using FIFO method (Enter all values as a positive value.) Periodic FIFO Cost of Goods Available for Sale # of Cost per Cost of Goods units unit Available for Sale Cost of Goods Sold #of units Cost per Cost of sold unit Goods Sold Inventory Balance 1 of units Cost per Ending In ending unit Inventory Inventory Beg Inventory Purchases Purchase 1 Purchase 2 Total b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method (Enter all values as a positive value.) Periodic LIFO Cost of Goods Available for Sale of Cost per Cost of Goods units unit Available for Costof Goods Sold of units Cost per Cost of sold unit Goods Sold Inventory Balance of units Couper Ending In ending init inventory Inventory Sale Beg Inventory Purchases Purchase 1 Purchase 2 Total