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Inventory Costing Methods The Toon Company, which uses the periodic inventory system, has the following records for the current year: Units Unit Cost Beginning inventory 100 $123 Jan. Purchases: 6 650 105 July 15 550 95 Dec. 28 200 90 Ending inventory at December 31 was 350 units. Compute the ending inventory and the cost of goods sold for the year using (a) first-in, first out, (b) weighted average cost, and (c) last-in, first-out. Cost of goods sold Ending inventory a. FIFO 5 b. Weighted average 5 CLIFO $ $ $ $ Check