Question 3: Orchid Company reports the following information regarding merchandise inventory for August. Assume Gray uses the periodic system and that 350 units of merchandise were on hand on August 31. Date Total Cost Units Explanation Unit Cost August 1 $50 $ 5,000 Inventory August 10 Purchase 18,000 August 16 Purchase 28,000 August 24 Purchase 16,000 100 300 400 200 60 70 80 a What is the cost of goods available for sale for August? b How many units of inventory were available for sale during August? c What is the cost of ending inventory under FIFO? d How much is cost of goods sold under FIFO? e What is ending inventory under the average cost method? Show your calculations in the space below