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 # of Available for unit units Sale $ 0 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 0 0 Total 0 $ 0 0 $ 0 0 $ 0 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 # of Cost of Goods Available for units unit Sale 0 Cost per Cost per # of units sold Cost per Inventory Balance # of units Ending in ending unit Inventory inventory Cost of Goods Sold unit Beg. Inventory Purchases: Purchase 1 0 Purchase 2 0 Total 0 $ 0 0 $ 0 0 $ 0