During the current year, Playground Specialists purchased six BigGym redwood playground sets at the following dates and acquisition costs: Units Date Purchased Unit Cost Total Cost $2,100 $ 4,200 Aug. 4 Sept. 23 Oct. 2. Available for sale during the year 2 2,300 4,600 2 2,560 5.120 $13,920 On September 25, the company sold three of these BigGym sets to the Department of Parks and Recreation. The other three sets remained in inventory at December 31. Latructions Assume that Playground Specialists uses a perpetual inventory system. Using each of the flow Ssumptions listed below, compute (a) the cost of goods sold relating to the sale of BigGym playground sets on September 25 and (b) the cost of the BigGym sets in inventory at Decem- ber 31. 1. Average cost 2. FIFO 3. LIFO Show the number of units and the unit costs of each cost layer comprising the cost of goods old and the ending inventory. b. Assume that Playground Specialists uses a periodic inventory system. Compute the ending in- dentory of BigGym playground sets at December 31 and the related cost of goods sold under each of the following year-end costing procedures: 1. Average cost 2. FIFO 3. LIFO Show the number of units and the unit costs in each cost layer of the ending inveniory. (You may determine the cost of goods sold by deducting ending inver.tory from the cost of goods available for sale.) Now assume that Playground Specialists maintains perpetual inventory records and uses the LIFO flow assumption. At year-end, however, the company adjusts its inventory records to re- flect the costs indicated by applying periodic LIFO costing procedures (as in part b). Prepare a journal entry to adjust the Inventory account for the revaluation of the BigGym playground sets in the year-end inventory.