Monk Company uses the periodic inventory system to account for inventory. Information related to Wonka Company's inventory at October 31 is given below October 1 Beginning inventory 16 8 Purchase Purchase 24 Purchase Total units and cost 400 units @$10.00/unit $4,000 800 units $10.40/unit- 600 units $10.80/unit 8,320 6,480 2,320 $21.120 200 units $11.60/unit 2.000 units (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, assuming 500 units remain on hand at October 31 6 points. (b) Compute the cost of the ending inventory and the cost of goods sold under LIFO, assuming 500 units remain on hand at October 31. 6 points.