Question 3 Calculate the value of inventory and cost of goods sold using various cost- flow assumptions (10 marks) a) Compute the ending inventory value at March 31, the cost of goods sold and the gross profit using LIFO, FIFO and average cost methods using a periodic system. The selling price per unit is $100 and the company sold 50 units during the month. (8 marks) Units Unit cost Date March 1 March 11 March 21 March 25 Event Inventory Purchase Purchase Purchase 20 60 30 40 $ 50 55 65 70 March 25 Purchase 40 70 Prepare a chart with your answers and show your calculations LIFO FIFO Average Cost Ending Inventory Sales Cost of Goods Sold Gross profit b) What type of inventory costing method would be used at a luxury car dealership? Explain fully. (2 marks)