FINANCIAL ACCOUNTING ACCOUNTING FOR INVENTORY VALUATION: GIVEN: - during the year 2001. It uses periodic inventory system. Young Memon Company made the following Purchases of a chemical January 1, Inventory.. 250 units @Rs.2.98 per unit January 7, Purchases. 500 units @ Rs.3.00 per unit March 21, Purchases.. 550 units @Rs.3.10 per unit June 14, Purchases.. 750 units @Rs.3.00 per unit September 17, Purchases. 1000 units @ Rs.3.15 per unit October 24, Purchases.. 400 units @ Rs.3.20 per unit December 28, Purchases.. 450 units During the period Company Sold 2950 ur ts. @Rs.3.20 per unit REQUIRED: -Compute Ending Invente y and Cost of Goods Sold under: a) First-in First-out, and c) Average Method