Inventory Costing MethodsPeriodic 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.z 400 Apr.6 $22 1,800 July 10 1,600 Aug 9 25 800 Oct.23 800 Dec.30 28 1.400 Required a. Assume that Chou uses the first-in, first-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, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product A. C. 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 dollar, Do not round until your final answers. Round your answers to the nearest dollar. First-in, First-out: Ending Inventory Cost of Goods Sold $ b. Last-in, first-out: Ending Inventory $ Cost of Goods Sold $ Weighted Average Ending Inventory Cost of goods sold $ $ 0 d. Assuming that Chou's products are perishable items, which of the three inventory costing methods would you choose to: Assume this is during a period of rising costs. 1. Reflect the likely goods flow through the business? 2. Minimize income taxes for the period? 3. Report the largest amount of net income for the period