Eric Company uses the periodic inventory system to account for inventories. Information related to Eric Company's inventory at October 31 is given below:- October 1 Beginning inventory 8 Purchase 16 Purchase 400 units @ $10.00 = 800 units @ $10.40 = 600 units @ $10.80 = $ 4,000 8,320+ 6,480+ 24 Purchase 200 units @ $11.60 = 2,320 By the end of the year, 1400 units were sold. + + Instructions: + 1. Determine the cost of goods available for sale, assuming that the company is using a periodic inventory system. + + 2. Determine (a) the cost of goods sold and (2) the cost of the ending inventory under FIFO, LIFO, Weighted Average cost assumptions. +