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 1,500 units available. Leven uses a periodic inventory system. Units Unit Cost 800 $9.00 10.00 Date January 1, 2020 (beginning inventory) Purchases: January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 1,500 1,200 600 10.50 12.00 900 13.00 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