Part II: (2 questions) Q1 Summer Company's beginning inventory and purchases during the fiscal year ended December 31, 2020 were as follows: (NOTE: The company uses a periodic system of inventory.) Unit Price Total Cost $29 $522 Units 18 13 45 33 35 29 $27 January 1-Beginning inventory March 12-Sold April 11-Purchase June 20-Sold Aug 16-Purchase Sept 11-Sold Total Cost of Inventory Ending inventory is 23 units. $1,215 $24 $840 $2,577 Part 1 : Calculate the following assuming the company uses FIFO: a) What is the value of ending inventory b) What is the cost of goods sold? Part 2: Calculate the following assuming the company uses Average Cost: a) What is the value of ending inventory b) What is the cost of goods sold? Q2 Locom Corp. reports the following inventory information. What is the total value of the merchandise under LCNRV (lower of cost or net realizable value)? Show all calculations. Inventory Number APD 3838 CPZ 1212 IXL 4039 EOD 3902 DKS 4823 Inventory Quantity 325 506 817 382 626 Unit Cost $56.78 $92.31 $77.89 $19.38 $33.46 Unit Market Value $55.32 $92.78 $79.31 $19.02 $30.74