During the current year, Playground Specialists purchased six BigGym redwood playground sets at the following dates and acquisition costs: PROBLEM 8.9 Comparison of Periodic and Perpetual Inventory Systems LO 1.4 Units Date Purchased Unit Cost Total Cost Aug. 4 $2,100 $ 4200 Sept. 23 2,300 4.600 Oct. 2 2 2,560 5.120 Available for sale during the year $13,920 131 1 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. Jastructions Assume that Playground Specialists uses a perpetual inventory system. Using each of the flow assumptions 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 Yold and the ending inventory. Assume that Playground Specialists uses a periodic inventory system. Compute the ending in- Hentory 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 inventory. (You may determine the cost of goods sold by deducting ending invertory 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