(D) Calculation of COGS and Ending Inventory Call-Mart Inc. had the following transactions in its first month of operations. Assume that beginning inventory = $0. Purchases Sold or Issued Balance March 2 2.000 a $4 2.000 units March 13 6.000 a $4.4 8.000 units March 19 4.000 units 4.000 units March 30 2.000 A $4.75 6.000 units Assume that Call-Mart Inc.'s 6,000 units of ending inventory consists of 1,000 units from the March 2 purchase 3,000 from the March 15 purchase, and 2,000 from the March 30 purchase. 1. Calculate cost of goods available for sale. 2. Calculate Ending Inventory (ET) and Cost of Goods Sold (COGS) using (1) Specific Identification method. (2) Average Cost method. (3) FIFO method. (4) LIFO method. (1) Specific Identification COGS EI BI 0 March 2 2.000 a $4 March 15 6.000 a $4.4 March 30 2.000 a $4.75 (2) Average Cost (i) Periodic Inventory System-Weighted-Average Method li) BI March 2 March 15 March 19 March 30 Perpetual Inventory System-Moving-Average Method Purchases Sold or Issued Balance 0 2.000 a $4 6,000 a $4.4 2.000 a $4.75 (3) FIFO (1 Periodic Inventory System COGS BI March 2 March 15 March 30 0 2.000 a $4 6.000 a $4.4 2.000 @ $4.75 i) Perpetual Inventory System COGS BI March 2 March 15 March 19 March 30 0 2.000 a $4 6,000 @ $4.4 2.000 a $4.75 (4) LIFO 1) Periodic Inventory System COGS EI BI March 2 March 15 March 30 0 2.000 @ $4 6.000 @ $4.4 2.000 a $4.75 Perpetual Inventory System COGS BI March 2 March 15 March 19 March 30 0 2.000 a $4 6.000 @ $4.4 2,000 @ $4.75 3. Which method shows the highest ending inventory? 4. Which method is in the middle of the road on both E/I and COGS? 5. Which method shows the highest COGS? 6. What economic environment did this problem depict