Exercise 6-51 (Algorithmic) Effects of FIFO and Weighted Average Cottonco Company sells to colleges and universities a special paper that is used for diplomas. Cottonco typically makes one purchase of the special paper each year on January 1. Assume that Cottonco uses a perpetual inventory system. You have the following data for the three years ended in 2022: . 2020 Beginning Inventory O pages Purchases 10,000 pages at $1.20 per page Sales 8,500 pages 2021 Beginning Inventory 1,500 pages Purchases 16,200 pages at $2.20 per page Sales 15,000 pages 2022 2,700 pages Beginning inventory Purchases Sales 18,000 pages at $2.80 per page 20,100 pages Required: Enter all amounts as positive numbers. 1. What would the ending inventory and cost of goods sold be for each year if FIFO is used? 2020 2021 2022 Ending inventory Cost of goods sold 2. What would the ending inventory and cost of goods sold be for each year if weighted average is used? :00 1400 2020 2021 2022 Ending inventory 101 1,800 4,909 X 1,603 X Cost of goods sold 10, 2007 27,275 x 53,701x