Clarke Company uses the periodic Inventory method and had the following inventory information available: Units Unit Cost Total Cost 11 Beginning 100 $4 $ 400 inventory 1/20 Purchase 400 2.000 7/25 Purchase 200 $7 1,400 10/20 Purchase 2400 1.000 $6.2002 $5 300 $8 A physical count of inventory on December 31 revealed that there were 400 units on hand. Instructions Answer the following independent questions and show computations supporting your answers. a. Assume that the company uses the FIFO method. Compute the value of the ending inventory and cost of goods sold at December 31 b. Assume that the company uses the average Cost method. Compute the value of the ending Inventory and cost of goods sold on December 31