Mini-Exercise 5-5 (Algo) Cost flow assumptions-FIFO and LIFO using a periodic system LO 7, 8 Sales during the year were 1,060 units. Beginning inventory was 340 units at a cost of $4 per unit. Purchase 1 was 530 units at $5 per unit. Purchase 2 was 820 units at $6 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 per Cost of Goods Available for Sale Cost of Goods # of Cost per Available for units unit Sale 340 $ 4 $ # of units sold Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory unit 1,360 340 $ 4 $ 1,360 Beg. Inventory Purchases: Purchase 1 Purchase 2 Total 530 5 530 5 2,650 0 6 2,650 4,920 8,930 6 820 1,690 4,920 820 1,690 $ $ 8,930 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 per Cost of Goods Available for Sale Cost of Goods # of Available for units unit Sale 340 $ 4 $ 1,360 # of units sold Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory unit 340 $ 4 $ 1,360 Beg. Inventory Purchases: Purchase 1 Purchase 2 5 5 530 820 1,690 6 2,650 4,920 8,930 530 820 1,690 6 2,650 4,920 8,930 Total $ $ 0 $ 0