(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 @ 54 2.000 units March 15 6.000 @ $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 (E/I) 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 @ $4.75 (2) Average Cost (i) Periodic Inventory SystemWeighted-Average Method (ii) BI March 2 March 15 March 19 March 30 Perpetual Inventory SystemMoving-Average Method Purchases Sold or Issued Balance 0 2,000 @ $4 6,000 a $4.4 2.000 a $4.75 (3) FIFO (i) Periodic Inventory System COGS EI BI March 2 March 15 March 30 0 2,000 a $4 6,000 a $4.4 2,000 @ $4.75 (ii) Perpetual Inventory System COGS EI BI March 2 March 15 March 19 March 30 0 2.000 a $4 6,000 a $4.4 2,000 @ $4.75 (4) LIFO (i) Periodic Inventory System COGS EI 0 BI March 2 March 15 March 30 2,000 @ $4 6,000 @ $4.4 2,000 @ $4.75 Perpetual Inventory System COGS EI BI March 2 March 15 March 19 March 30 0 2,000 @ $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