MCQs Sheet2 Name 1 The firm had a beginning inventory of 60 units with a unit cost of $13. Purchases during the year were as follows: March-60 units with a unit cost of $15; July-80 units with a unit cost of $18 and Sep-100 units with a unit cost of $16. Assuming a periodic inventory system, calculate the value of the ending inventory of 65 units and cost of sold goods under a. the average cost method is used b. FIFO and c. LIFO. (12 marks)