INVENTORY COST FLOWS Candy Company has approached you to help decide what type of inventory system it should use (perpetual vs. periodic) and what cost flow assumption to adopt (FIFO vs. Average Cost). Inventory written off due to shrinkage is expensed to cost of goods sold. During September/ 2022 the following inventory transactions occurred: Date Description Quantity (#units) $ per Unit Sept 1 Opening balance 100 $13.50 Sept 8 Purchase #1 850 $15.00 Sept 10 Sale #1 300 $ 25.00 Sept 14 Purchase #2 150 $17.50 Sept 28 Sale #2 600 $30.00 At September 30th, a physical inventory count showed 180 units of inventory on hand. INVENTORY COST FLOWS - CONTINUED a) Periodic System with a FIFO cost flow assumption.