In-class Practice Problem from Chapter 5 Acme-Jones Company uses a periodic inventory system Purchases during first quarter of a year: 1st: 300 units were purchased at $12 per unit. 2nd: 400 units were purchased at $15 per unit. 3rd: 500 units were purchased at $16 per unit 4th: 400 units were purchased at $18 per unit. Sales during first quarter of a year:- 1st: 400 units were sold at $21 per unit. 2nd: 700 units were sold at $24 per unit. What is the cost of goods sold (COGS) and the value of ending inventory? (A) if the company uses the LIFO method COGS: SEnd. Inventory:$ (B) If the company uses the weighted average method COGS: $ End. Inventory: $ (C) If the company uses the FIFO method COGS: S End. Inventory:$ Calculate the amount of Gross Profit under each of the above methods: (i) FIFO: $ (i) LIFO:$ (ii) Weighted average method: $ Write the entry for Cost of goods sold in the journal either for FIFO or LIFO or weighted average