Problem #1 NumbNuts Medical Supply Co., is a premier distributor of nuts and bolts devices; for example, an ambulacrum device by which locomotion is accomplished with little pain to the patient despite the incredible number of nuts and bolts required to hold the walking and running device together. Thus, the name of their company: NumbNuts Medical Supply Co. NumbNuts Medical Supply Co.'s beginning inventory and purchases during the year ended December 31, 2019 of their most popular device branded NumbRunner2 were as follows: Unit Unit Cost Total Cost January 1 Inventory 1000 $50 S50000 March 10 Purchase 3000 52 156000 June 25 Sold 1600 units August 30 Purchase 260055 143000 October 5 Sold 4000 units November 26 Purchase 1000 57.68 57680 December 31 Sold 800 units Total 7600 $406680 Required: 1. Determine the cost of inventory on December 31, 2019, using the perpetual inventory system and each of the following inventory costing methods: a. First -in, first-out (FIFO] b. Last -in, first-out [LIFO] c. Weighted average (round weighted cost per unit to two decimal places) 2. Determine the cost of inventory on December 31, 2019, using the periodic inventory system Page 2: [problem # 1 continued] and each of the following inventory costing methods: a. FIFO b. LIFO c. Weighted average Page 2: [problem #1 continued] and each of the following inventory costing methods: a. FIFO b. LIFO c. Weighted average