Question 2:(Total 10 marks) Beta Company uses the periodic inventory system to account for inventories. Information related to Beta Company's inventory at October 31 is given below: October 1 Beginning inventory 400 units @ $10.00 $4,000 8 Purchase 800 units @ $10.40 8,320 16 Purchase 600 units @ $10.80 = 6,480 24 Purchase 200 units @ $11.60 = 2.320 Total units and cost 2.000 units $21.120 Instructions: 1. Show computations to value the ending inventory and cost of goods sold using the FIFO cost assumption if 550 units remain on hand at October 31. (2 marks) 2. Show computations to value the ending inventory and cost of goods sold using the weighted average cost method if 550 units remain on hand at October 31. (2 marks) 3. Show computations to value the ending inventory and cost of goods sold using the LIFO cost assumption if 550 units remain on hand at October 31. (2 marks) 4. As a qualified accountant you are required to advise the company for which inventory method of valuation to use? Give examples. (4 marks) 1. FIFO 2. AVERAGE COST 3. LIFO 4