- Ling Company's inventory records for the current year are as follows: Number of Units Cost per Unit Total Cost Beginning inventory 2,200 $3.00 $ 6,600 First purchase 3,000 $2.90 8,700 Second purchase 3,500 $2.80 9,800 Third purchase 2,800 $2.70 7,560 Fourth purchase | 2.500 $2.60 6,500 Goods available for sale 14,000 $39,160 Units sold during the year 9,000 Required: (5 51 3 12 bote pof * 12 29 12) Compute the cost of ending inventory and the cost of goods sold, using the following cost formulas for inventory: (a) FIFO periodic (20%) (b) Weighted Average Cost periodic (30%) (a) FIFO Ending inventory Cost of goods sold (b) Weighted Average Cost Ending inventory Cost of goods sold