Following are the 2016 inventory records for mud flaps for Fleets, Inc Cost per Unit Total Units 700 Beginning inventory at January 1, 2016 Purchases on account: February 20 July 30 September 30 December 1 800 1,200 1,200 900 4.100 $6.35 6.80 7.00 7.50 S 5,080 8,160 8,400 6.750 $28,390 Units Sales Price Total Sales on account February 1 August 15 November 30 600 1,300 1,400 3.300 $15.25 15.50 15.50 9,150 20,150 21,700 $ 51,000 Required: 1. Calculate cost of goods sold and ending inventory at December 31, 2016 under the following methods. Assume that the opening inventory was valued at $6.00 a unit under LIFO, $6.10 a unit under weighted average and $6.25 a unit under FIFO. Round all computations to the nearest $.01. Assume Fleets uses a periodic inventory system a. FIFO b. Weighted Average c. LIFO Calculate cost of goods sold and ending inventory at December 31, 2016 under the following methods. Assume that the opening inventory was valued at $6.00 a unit under LIFO, $6.10 a unit under weighted average and $6.25 a unit under FIFO Round all computations to the nearest $.01. Assume Fleets uses a perpetual inventory system 2. a. FIFO b. Weighted Average c. LIFO 3. Without doing any calculations, explain which inventory method will give you the highest inventory turnover ratio and why