Required: 1. Compute the cost of ending inventory and the cost of goods sold under (6 marks) a FIFO method b. LIFO method c The weighted average Answer: 2. FIFO (2 marks) Step 1 Step 2 Ending Inventory Cost of Goods Sold b. LIFO Question 2: (10 Marks) XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory is 500 units at 5s each. Information related to XYZ Company's inventory at October 31 is given below: AACO Date Explanation Units Cost Total Cost 100 Parchase 30011 105 Purch 10:20Purchase 100 Total goede wat During this year, 1400 is well Required: 1. Compute the cost of ending inventory and the cost of goods sold under: (6 marks) a. FIFO method b. LIFO method c. The weighted average Answer: 3. FIFO (2 marks) Step 1 Step 2 Ending Inventory Cost of Goods Sold b. LIFO. (2 marks) Step 1 Step 1 Ending Investor cent of Goods Sold c. Weighted average.. (2 marks)