Novak Corp. had a beginning inventory on January 1 of 360 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 July 20 $23 960 units 600 units at at Sept. 4 Dec. 2 840 units 240 units at at $24 $26 $29 2,400 units were sold. Novak Corp. uses a periodic inventory system. Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to decimal places, eg. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $ $ The cost of goods sold $ $ $ $ $ VA e Textbook and Media Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement? results in the highest inventory amount, $ produces the highest cost of goods sold, $ (2) e Textbook and Media