Problem 1. Inventory Valuation Company XYZ uses the PERIODIC system for its inventory accounting. Use the following information to compute COGS under the various cost flow assumptions. SHOW YOUR WORK! Beginning Inventory S 5 0 units @ $30 per unit Purchases Purchase 1 on 1/15/16 Purchase 2 on 2/28/16 Purchase 3 on 3/31/16 45 units @ $32 per unit 50 units @ $34 per unit 45 units @ $38 per unit Sales: Sale 1 on 1/15/16 Sale 2 on 3/25/16 80 units @ $50 per unit 75 units @ $57 per unit An inventory count showed that, of the units remaining, 15 units came from the 2/28/16 purchase and 20 came from the 3/31/16 purchase. Specific Average Cost FIFO L Identification IFO 3/31/16 Balance Sheet Inventory 2016 Q1 Income Statement Cost of Goods Sold Gross Margin