Periodic inventory systems Tres Chic uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: Jan 1 Mar 9 Aug 11 Dec 23 Beginning inventory Purchase Purchase Purchase. Total available for sale in year 1,000 units a $14.00 = 1,050 units a $14.50 = 950 units @ $15.00 = 500 units a $15.75 = 3.500 units $ 14,000 15.225 14.250 7.875 $51.350 At December 31, the ending inventory of this product consisted of 850 units. Determine the cost of the year-end inventory and the cost of goods sold for this product under each of the following methods of inventory valuation (Rounded): (a) Average cost First-in, first-out c) Last in, first-out Inventory at Dec. 31 $ $ $ Cost of Goods Sold $ $ $