Problem 5-7AA Periodic: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Seminole Company began year 2013 with 23,000 units of product in its January 1 inventory costing $15 each. It made successive purchases of its product in year 2013 as follows. The company uses a periodic inventory system. On December 31, 2013, a physical count reveals that 40,000 units of its product remain in inventory. Mar. 7 30,000 units @ $18 each May 25 39,000 units @ $20 each Aug. 1 23,000 units @ $25 each Nov. 10 35,000 units @ $26 each References Section BreakProblem 5-7AA Periodic: Alternative cost flows LO P1 9.value: 10.00 pointsRequired information Problem 5-7AA Part 1 Required: 1. Compute the number and total cost of the units available for sale in year 2013. ReferenceseBook & Resources WorksheetDifficulty: 2 Medium Problem 5-7AA Part 1Learning Objective: 05-P1 Compute inventory in a periodic system using the methods of specific identification, FIFO, LIFO, and weighted average. 10.value: 10.00 pointsRequired information Problem 5-7AA Part 2 2. Compute the amounts assigned to the 2013 ending inventory and the cost of goods sold. (a) FIFO periodic (b) LIFO periodic (c) Weighted average periodic ReferenceseBook & Resources WorksheetDifficulty: 2 Medium Problem 5-7AA Part 2Learning Objective: 05-P1 Compute inventory in a periodic system using the methods of specific identification, FIFO, LIFO, and weighted average.