LIFO, FIFO and Average Cost Dullsea, Inc. uses a periodic inventory system. The purchases of a particular product during the year are shown below (6 points) January 1 Beginning Inventory 1.000 units at $10 cach S10.000 February 17 Purchase 1,000 units at $10.50 each $10.500 July 17 Purchase 500 units at $Il each $5.500 November 25 Purchase 1.000 units at $11.25 each $11.250 Total 3.500 units S37250 At December 31, the ending inventory consisted of 2,000 units, i.e., they sold 1,500 units. Compute the cost of the ending inventory based on the LIFO method of inventory valuation. A) $22,350 B) $21,430 C) $20,500 D) $16.750 Compute the cost of goods sold for the current year based on the LIFO method of inventory valuation A) $20,500 B) $16,750 C) $15.250 D) $36,025 Compute the cost of the ending inventory based on the FIFO method of inventory valuation. A) $21.457 B) SI5.250 C) $20,500 D) $22,000 Compute the cost of the cost of goods sold based on the FIFO method of inventory valuation. A) $22,000 B) $20,500 C) $15.250 D) $29,625 Compute the cost of the ending inventory based on the Average Cost method of inventory valuation (rounded). A) $21.500 B) $21.286 C) $34,868 D) $15,964 Compute the cost of the cost of good sold based on the Average Cost method of inventory valuation (rounded). A) $15,964 B) SI5,000 C) 520,000 D) $21,286