QUESTION 2 (12 marks) Sherman Electric uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: Jan. 1 Beginning inventory.. 60 units @ $105 $ 6,300 Mar. 8 Purchase... 30 units @ $115 = 3,450 Aug. 11 Purchase... 90 units @ $125 11,250 Oct. 23 Purchase 20 units @ $135 2,700 Total available for sale.. 200 units $23,700 At December 31, the ending inventory of this product consisted of 65 units. Using periodic costing procedures, determine (1) cost of the year-end inventory and, (2) cost of goods sold relating to this product under each of the following flow assumptions: (1) Inventory at Dec. 31 (2) Cost of Goods Sold a Average cost $ $ b First-in, first-out $ $ Last-in, first-out $ $ $