h) The following information is given for the purchases and sales of widgets in a company. The ending inventory was counted for the year-end and was 450 units. 1. What is the value of the inventory at the end of the year using the periodic system and FIFO? Calculate CoGS. What is the value of the inventory at the end of the year using the periodic system and LIFO? Calculate CoGS. 2. Purchases # of units Price Opening Balance ot a purchase 1000 10.5 February C C May 500 12 July 0 C August 0 C November 700 11 December C i)What is the impact of on the balance sheet of using 1.LIFO during rising prices 2.FIFO during rising prices 3.LIFO during decreasing prices 4.FIFO during decreasing prices on the ending balance of inventory and cost of goods sold