Mini-Exercise 5-5 (Algo) Cost flow assumptions-FIFO and LIFO using a periodic system LO 7,8 Sales during the year were 620 units. Beginning inventory was 230 units at a cost of $6 per unit. Purchase 1 was 310 units at $7 per unit. Purchase 2 was 490 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of Cost per Available for units unit Sale $ 0 # of units sold Cost per unit Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory Beg. Inventory Purchases: Purchase 1 0 Purchase 2 O Total 0 $ 0 0 $ 0 0 0 b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.) Periodic LIFO Cost of Goods Sold Cost per Cost of Goods Available for Sale Cost of Goods # of Available for units unit Sale $ 0 # of units sold Cost per unit Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory Beg. Inventory Purchases: Purchase 1 0 Purchase 2 0 Total 0 $ 0 0 $ 0 0 $ 0