Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods ol Available for Sale Cost per of units sold Cost per Inventory Balance # of units in ending Ending inventory Inventory Cost of Goods Sold unit Cost per Beg Inventory Purchases Purchase 1 Purchase 2 Total b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Ente values as a positive value.) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale # of Cost of Goods units unit Sale Cost per Available for of units Cost per Inventory Balance # of units Ending in ending unit Inventory inventory Cost of Goods Sold sold Cost per unit Beg. Inventory Purchases Purchase 1 Purchase 2 Total