Question 1 Assume that Sonic Company uses a periodic inventory system. The inventory records of Sonic Company indicate the following in October: Oct. 1 Beginning inventory 9 units @ $160 Purchase 4 units @ $160 Purchase 12 units @ $170 Purchase 3 units @ $176 The physical count of inventory at October 31 indicates that eight units are on hand, and there are no consignment goods. Required: Compute ending inventory and cost of goods sold, using each of the following methods. 1. Specific unit cost, assuming four $170 units and four $160 units are on hand 2. Weighted-average cost (round weighted-average unit cost to three decimal places) 3. First-in, first-out 4. Last-in, first-out