Sheridan Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the yean, the following purchases were made. Mar. 15 400 units at $24 Sept. 4 300 units at $33 July 20 220 units at $28 Dec. 2 100 units at $30 975 units were sold. Sheridan Company uses a periodic inventory system. Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale s 31.860 Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) Average cost per unit $ 27 Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO LIFO, and average-cost). (Round answers to o decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $ 6465 $ 4280 $ 5535 The cost of goods sold $ 25395 $ 27580 $ 26325 Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? (1) results in the highest inventory amount. $ (2) produces the highest cost of goods sold, $