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E MERCHANDISING AND INVENTORY Use of periodic inventory system for merchandise inventory.. Scott Company had the following information for the year: Units Unit Cost Total Beginning Inventory 30 $12 $360 Purchases: March 3 40 11 440 June 15 20 6 120 September 28 50 4 200 Cost of Goods Available for Sale $1,120 On December 31, Scott Company had 75 units in its ending inventory. The company uses the periodic inventory system to compute ending inventory and goods sold. Required: Using FIFO: (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold. Cost of ending Inventory s Il Cost of goods sold X