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 2,100 units available. Leven uses a periodic inventory system. Date January 1, 2020 (beginning inventory) 1,120 Units Unit Cost $9.00 Purchases: January 5, 2020 2,100 10.00 January 25, 2020 1,680 10.50 February 16, 2020 840 12.00 March 26, 2020 1,260 13.00 Required a. Compute ending inventory and cost of goods sold for the quarter ended March 31, 2020, using: 1. Average cost method. $ Ending Inventory COGS $ 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? =