Iris Company provided the following information relating to inventory for the month of December. Unit Units Cost Unit Selling Price Dec 01 Balance, Beg 10,000 52 07 Purchase 30,000 12 Sale 20,000 17 Purchase 60,000 22 Purchase 20,000 28 44 50 90 45 43 28 Sale 70,000 90 Instructions Assuming the entity used the periodic inventory system, compute the December 31 inventory and cost of goods sold under: 1 FIFO 2. Weighted Average