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 4,500 units available. Leven uses a periodic inventory system. Units Unit Cost Date January 1, 2020 (beginning inventory) 2,400 $9.00 Purchases: January 5, 2020 4,500 10.00 January 25, 2020 3,600 10.50 February 16, 2020 1,800 12.00 March 26, 2020 2,700 13.00 Required a. Compute ending inventory and cost of goods sold for the quarter ended March 31, 2020, using: Ending Inventory 1. Average cost method. $ 48,330 $ COGS 112,770 2. FIFO method. 56,700 104,400 3. LIFO method. 104,400 x 94,500 x b. Which method results in the: 1. Highest gross profit? FIFO 2. Lowest gross profit? LIFO 3. Highest ending inventory balance? FIFO 4. Lowest ending inventory balance? LIFO Check