Periodic System-Calculating Ending Inventory and cost of Sales using Average Cost, FIFO, and LIFO Leven Company began operations on December 1, 2019. The following information is available for the company's merchandise inventory. A physical inventory taken on March 31, 2020, showed 3,900 units available. Leven uses a periodic inventory system. Units Unit Cost January 1, 2020 (beginning inventory) 2,080 $9.00 Purchases: January 5, 2020 3,900 10.00 January 25, 2020 3,120 10.50 February 16, 2020 1.560 12.00 March 26, 2020 2,340 13.00 Date Required a. Compute ending inventory and cost of goods sold for the quarter ended March 31, 2020, using: Ending Inventory COGS 1. Average cost method. $ 2. FIFO method. 3. LIFO method. $ b. Which method results in the: 1. Highest gross profit? 2. Lowest gross profit? 3. Highest ending inventory balance? 4. Lowest ending inventory balance? > > > >