Inventory Costing Methods---Periodic Method Chou Sales Corporation uses the periodic inventory system. On January 1, 2018, Chou had 1,000 units of product A with a unit cost of $20 per unit. A summary of purchases and sales during 2018 follows Unit Units Units Cost Purchased Sold Feb 2 Apr 6 $22 Ny 10 Aug Oct.23 Dec 30 20 1,400 Required a. Assume that Chou uses the first in it out method Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product b. Assume that Chou uses the last-in, sto method Kompute the cost of goods for 2018 and the endin t balance at December 31, 2011, for droduct L. Assume that Chou uses the weighted average cost method, compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product A Do not round until your final answers. Round your answers to the nearest Gold Ending Inventon Cost of goods sold 5 d. Assuming that Chou's products are perishable items which of the three inventory casting methods would you choose to Assume this is during a period of rising costs 1. Reflect the likely goods flow through the business? 2. Minimide income taxes for the period? 3. Report the largest amount of net income for the period Please answer all parts of the question 3:05 PM