In 2020, Thunder Company reported the following inventory information: Sales price/unit Date Jan. 1 March May August October Transaction Beg. inventory Purchase Sale Purchase Sale Cost per unit $120 180 Total Cost $ 180,000 270,000 Quantity 1,500 1,500 (2,200) 3,200 (1.500) 2,500 $330 200 640,000 $420 $1,090,000 Requirement 1A: Assume Thunder uses a perpetual inventory system. Show the entries to record the sales inventory in May and October using the FIFO cost method. Show computations. Entries to record sale of inventory in May Entries to record sale of inventory in October Requirement 1B: Using the FIFO cost method from Requirement 1A, determine the cost of 12-31-20 ending inventory. Show computations. Requirement 2: Assume Thunder uses a perpetual inventory system. Determine COGS (entries not required) for the sales of inventory in May and October using the average cost method, Show computations. Round the cost per unit to 2 decimal places. COGS for sale of inventory in May COGS for sale of inventory in October Requirement 3A: Assume Thunder uses a periodic inventory system (i.e., COGS determined at the end of the year for total number of units sold). Determine 2020 COGS using the LIFO cost method. Show computations Requirement 3B: Using the LIFO cost method and periodic system from Requirement 3A, determine the cost of 12-31-20 ending inventory. Show computations