Question: In its first month of operations, Quilt Company made three purchases of merchandise in the following sequence: 1) 300 units @ $6.00; 400 units @ $7.00 and 300 units @ $8.00 2) There are 400 units on hand at the end of the period. Quilt uses a periodic inventory system. Calculate the cost to be allocated to cost of goods sold and ending inventory under... a) FIFO method b) Weighted average cost method c) LIFO method You may show your answers in any form. If you would like to build a chart please do so below... Question: Interactive.com just started a business and is trying to decide which inventory cost flow assumption to use. Assuming prices are falling, as they often do in the information technology business, answer the following questions for Interactive.com a) Which cost flow assumption gives the highest ending inventory? Why? b) Which cost flow assumption gives the highest cost of goods sold? WHY? c) What factors are important to Interactive.com in its selection of the most appropriate cost flow assumption? a) b) c)