Exercise 4 - Calculating FIFO inventory and cost of goods sold with write- downs: Eitan Inc. sells iPhones and uses the periodic inventory system. The company has provided the following information about one of its items: Date 01/01/2017 07/22/2017 10/03/2017 12/31/2017 Transaction Beginning inventor Purchase Purchase Ending invento Number of units 840 750 410 700 Cost per unit $10 $14 $15 Eitan Inc. uses the FIFO cost flow assumption Required: 1. Calculate Eitan Inc.'s inventory and cost of goods 2. Assume that the replacement (market) cost of an iPhone is $12. What is Eitan's cost of goods sold and inventory in 2017