Sales during the year were 740 units. Beginning Inventory was 260 units at a cost of $5 per unit. Purchase 1 was 370 units at $6 per unit. Purchase 2 was 580 units at $7 per unit. Requlred: a. Assume the perlodic 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 # of Cost per Cost of Goods units unit Available for Sale # of units sold Cost per Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory unit s 0 Beg. Inventory Purchases: Purchase 1 10 Purchase 2 0 Total O S 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 LFO Cost of Goods Sold Cost of Goods Available for Sale Cost per Cost of Goods Available for units unit Sale # of units Cost per Cost of Inventory Balance # of units Cost per Ending Inventory inventory sold unit Goods Sold in ending unit Beg. Inventory $ 0 Purchases Purchase 1 0 Purchase 2 0 Total 0 $ 0 $ $ Sales during the year were 740 units. Beginning Inventory was 260 units at a cost of $5 per unit. Purchase 1 was 370 units at $6 per unit. Purchase 2 was 580 units at $7 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.) Periodie FIFO Cost of Goods Available for Sale Cost of Goods Sold #of units Cost per unit Cost of Goods Available for Sale # of units sola Cost per Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory unit s 0 Beg. Inventory Purchases: Purchase 1 0 Purchase 2 0 Total O s 0 O $ 0 0 s 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 Cost of Goods # of Cost per Available for units unit Sale # of units sold Cost per unit cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory 0 Beg. Inventory Purchases: Purchase 1 0 Purchase 2 0 Total 0 $ 0 $ 0 o IS O