Question 4 The inventory records of Martin Corporation below reflected the following information for the month of August. 1. Determine the amount of the ending inventory and cost of goods sold under each of the following methods assuming the periodic inventory system. Assuming a physical count shows there are 1,300 units in the ending inventory. FIFO LIFO. 2. Which method gives the highest Net Income? O O 3. Which method gives the highest assets value? $5 Date 8/1 8/3 8/5 8/7 8/11 8/17 8/19 8/21 8/28 8/29 8/30 Transaction Beginning inventory Purchase No. 1 Sale No. 1 Sale No. 2 Purchase No. 2 Sale No. 3 Purchase No. 3 Sale No. 4 Sale No. 5 Purchase No. 4 Ending Inventory Number of Units Unit Cost 400 $5 400 600 100 1000 $7 700 1000 $7 600 600 1200 $9