Question 4 Sheridan Company, Ltd. had a beginning inventory of 964 units of Product Kimbo at a cost of 2 per unit. During the year, purchases were: @ 7 @ Feb. 20 May 5 482 1,205 Aug. 12 Dec. 8 1,446 723 14 15 @ 8 @ Sheridan Company uses a periodic inventory system. Sales totaled 3,615 units. Determine the cost of goods available for sale. The cost of goods available for sale Determine (1) the ending inventory and (2) the cost of goods sold under the two assumed cost flow methods (FIFO and average-cost). (Round average unit cost to 2 decimal places, e.g. 25.16 and final answers to o decimal places, e.g. 2,120.) FIFO AVERAGE-COST The ending inventory E The cost of goods sold El E Which cost flow method results in (1) the lower inventory amount for the statement of financial position, and (2) the lower cost of goods sold for the income statement? (1) | results in the lower inventory amount for the statement of financial position, EL results in the lower cost of goods sold, EL (2)