Lily Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 450 units at $23 Sept. 4 350 units at $25 July 20 230 units at $24 Dec. 2 100 units at $26 Lily Company uses a periodic inventory system. Sales totaled 1,120 units. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 31,020 Your answer is partially correct. Which cost flow method results in the highest inventory amount for the balance sheet? The highest cost of goods sold for the income statement? FIFO results in the highest inventory amount, $ LIFO produces the highest cost of goods sold, $ 26,990