Jonny Cake Co's beginning inventory and purchases during the year ended December 31, 2016 were as follows: Unit Units Cost Total Cost January 1 Inventory 1.000 $50.00 $50.000 March 10 Purchase 3.000 $52.00 $156,000 June 25 Sold 1600 units August 30 Purchase 2.600 $55.00 $143,000 October 5 Sold 4.000 units November 26 Purchase 1.000 $5768 $57.680 December 31 Sold 800 units Total 7,600 $406,680 Instructions: 1. Determine the cost of inventory on December 31, 2016, using the perpetual system for the following costing methods: a First-in, first-out b. Last-in, first-out c. Weighted average cost 2. Determine the cost of inventory and Cost of Merchandise Sold on December 31, 2016, using the periodic system for the following costing methods a Furst in, first-out b. Last-in, first-out Weighted average cost c