During the year, a firm's inventory purchases were as follows: Quarter Units Purchased Cost per Unit Total 1 500 $4.30 $2,150 2 200 $4.60 $920 3 300 $4.90 $1,470 4 150 $5.20 $780 1,150 $5,320 The firm uses a periodic inventory system and calculates inventory and COGS at the end of the year Beginning inventory was 100 units at $4.00 per unit = $400. Sales for the year were 800 units Compute COGS for the year under FIFO and LIFO. . FIFO: $3,560; LIFO: $3,815 FIFO: $3,470; LIFO: $3.765 FIFO: $3,470; LIFO: $3,815