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 Inventory Balance Cost of Goods Available for Sale Cost of Goods Sold # of units # of units Sold cost per unit Cost per unit Cost per unit Ending entory cost of 6000s Available for Sale cost of our Goods Soldo in ending Inventory Bog, Inventory Purchases Purchase 1 Purchase 2 1 Total b. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as Cost of Goods Sold Inventory Balance of units Cost per Ending of units Cost per in ending costr Goods Sold inventory unit Inventory Cost of Goods Available for Sale Cost of Goods of Cost per Available for units Periodic LIFO Beg Inventory Purchases Purchase 1 Purchase 2 Total