Periodic loventory-FIFO Jessie Stores uses the periodic system of calculating Inventory. The following information is available for December of the current year when Jessie sold 500 units ar Inventory Units Cost/Unit Total Cost 300 Inventory, Dec 1 Purchases, Dec. 8 250 275 600 900 $75,000 165,000 $240,000 Using the FIFO method, calculate Jessie's inventory on December 31 and its cost of goods sold for December Ending Inventory Cost of goods sold