Clear Sound Audio uses a periodic inventory system. One of the stores most popular products is an MP8 car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows.

Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MP8 car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows. Inventory, Jan. 1 First purchase (May 12) Second purchase (July 9) Third purchase (Oct. 4) Fourth purchase (Dec. 18) Goods available for sale Units sold during the year Inventory, Dec. 31 Number of Units 12 15 21 8 17 Cost per Unit $299 306 308 315 320 Total Cost $ 3,588 4,590 6,468 2,520 5, 440 $ 22,606 73 51 22 Required: a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MP8 systems during the year under each of the following cost flow assumptions. (Round your unit cost values to 2 decimal places and final answers to the nearest whole dollar amount.) December 31 Inventory Cost of Goods Sold 1. First-in, first-out 2. Last-in, first-out 3. Average cost