Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Powder uses a perpetual inventory system. (Round FIFO answers to 0 decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) (b) - Your answer is partially correct. Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Powder uses a periodic inventory system. (Round FIFO answers to 0 decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Round per unit cost to 2 decimal places, e.g. 15.25.)