CHAPTER 6 XYZ Company buys and sells cabinets and drawers for the last 5 years at their Michigan outlet. XYZ Company the furniture from the wholesaler and then sells the furniture to the customers from their retail outlet at Michigan The following information is for XYZ Company for the month ended July 30 2017. Date Description Quantity Unit Cost July 1 Opening Inventory 50 100 July 8 Purchase 76 July 21 Purchase 110 July 27 Purchase 40 100 230 80 Sales 350 units XYZ Company uses the periodic method for inventory. Required: (1) Calculate Ending Inventory and Cost of Goods sold, under each of the following methods. (1) LIFO. (2) FIFO. (3) Average cost. Prove the amount allocated to cost of goods sold under the LIFO and FIFO method (2) From your calculations, analyze which method results in (1) The highest ending inventory, and (2) The highest cost of goods sold