P6-3A, Determine cost of goods sold and ending inventory using FIFO, LIFO, and average cost in a periodic inventory system, and assess financial statement effects. Groves Company Inc. had a beginning inventory of 100 units of Product MLN at a cost of $8.00 per unit. During the year, purchases were: Feb 20 600 @ $9.00 | Aug 12 400 @ $11.00 May 5 500 @ $10.00 1 Dec 8 1 00 @ $12.00 Groves Company uses a periodic inventory system. Sales totaled 1,500 units Instructions: (a) Determine the cost of goods available for sale. COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Date Text Quantity Amount Date Text Quantity Amount Date Text Quantity Amount Date Text Quantity Amount Date Text Quantity Amount Total Formula Total Cost Formula Formula Formula Formula Formula Formula (b) Determine the ending inventory and 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 average unit cost to three decimal places.) (b)(1) FIFO (b)(2) FIFO Ending Inventory Cost of Goods Sold Date Units Unit Cost Total Cost Cost of goods available for sale Amount Date Quantity Amount Formula Title Amount Date Quantity Amount Formula Title Formula Formula Formula Date Date Date Date Aug 12 Proof of Cost of Goods Sold Units Unit Cost Quantity Amount Quantity Amount Quantity Amount Quantity Amount Formula Total Cost Formula Formula Formula Formula Formula (b) (1) LIFO Ending Inventory Date Units Unit Cost Total Cost Date Quantity Amount Formula Date Quantity Amount Formula Formula Formula (b) (2) LIFO Cost of Goods Sold Cost of goods available for sale Title Title | Amount Amount Formula Date Date Date Date Date Proof of Cost of Goods Sold Units Unit Cost Quantity Amount Quantity Amount Quantity Amount Quantity Amount Formula Total Cost Formula Formula Formula Formula Formula (b)(1) Average Cost Ending Inventory Inventory cost = Total units = Title (b)(2) Average Cost Cost of Goods Sold Cost of goods available for sale Title Title Amount Quantity Formula | Amount Amount Formula Ending inventory units = Title Title Quantity Amount Formula (c) Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement? Enter text answer here