P7-3 Part 1 Required: 1a. Compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. Assume that the company uses periodic inventory system. (Round unit price to 2 decimal places. Input all amounts as positive values. Cost of Goods sold Average Cost Cost of Good Available for Sale Cost per Goods of Units cost per Goods of Units Availa 500 S 2968 Beginning inventory Purchases 500 3976 January 12 January 26 100 S 1456 Total 1,300 8390 640 FO Cost of Goods Available for Sale Cost of Goods Sold Cost per Goods of Units Cost per of Units Sold Unit Goods for sale 580 S 5.10 S 2,958 440 S 510 5 2,244 Beginning inventory Purchases 560 7.10 3,976 7.10 1,420 January 12 160 910 S 1456 January 26 Total 1300 8300 S 3,664