FORMATIVE ASSIGNMENT. INVENTORY ANALYSIS i. Use the inventory data in the table below to calculate the cost of goods sold and ending inventory under the three methods (FIFO, LIFO and Average Cost) if we sell 7 units. Inventory Data COST Date of Purchase UNITS January 5th January 20th 2,00 3,00 5,00 4,00 9,00 25,00 3 5 March 23rd 10,00 |Average Cost 38,00 3,80 Explain the effect on Net Income and COGS in a inflationary environment N LO