INVENTORY VALUATIONS Varos uses a periodic inventory system. The beginning inventory of Model XS radios and the purchases for the year were as follows: (16 marks) Jan. 1 Beginning inventory 1,000 units @ $10.00 10000 Apr. 15 Purchase 500 units @ $12.00 6,000 June 7 Purchase 300 units @ $13.00 3900 Sept. 22 Purchase 1,000 units @ $14.00 14,000 Dec. 4 10,500 Purchase 700 units @ $15.00 Total available for sale in the year 3,500 units At December 31, the ending inventory consisted of 1,000 units. Determine the cost of the year-end inventory and the cost of goods sold under each of the following methods of inventory valuation (4 marks for each answer)