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 invento Purchase Purchase Ending inventor Number of units 840 750 Cost per unit $10 S14 $15 700 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 S11. What is Eitan's cost of goods sold and inventory in 2017