Sales during the year were 700 units. Beginning inventory was 250 units at a cost of $3 per unit. Purchase 1 was 350 units at $4 pe unit. Purchase 2 was 550 units at $5 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 # of Available for units unit Sale Cost per Cost per # of units sold Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory unit 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. (Enter all values as a positive value.) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of Available for units unit Sale Cost per Cost per # of units sold Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory unit Beg. Inventory Purchases: Purchase 1 Purchase 2 Total