SHOW WORK

In Class Exercise Elan, Inc. was started on January 1, 2011. During its first fiscal year, ending September 30, 2011, the following inventory transactions took place Quantity Purchasedp Cost Total per Un Cost Date January 1s March 1st May 1 July 1st September 1t 1,000 1,800 2,500 900 2,000 $26 $26,000 $28$50,400 $82,500 S36 S32,400 $42 $84,000 st The number of units sold during the 2011 fiscal year was 5,000 During the 2012 fiscal year, the following inventory transactions took place Quantity Purchased per UnitCost Cost Total Date November 1st February 1 April 1s* June 1 st August 1st 500 1,000 1,200 2,300 800 $38 $19,000 $35 $35,000 S32 $38,400 $29 $66,700 $27 $21,600 st As of September 30, 2012 there were 3,000 units left in inventory Required: Assuming a periodic inventory system and in please Provide the dollar amount of goods available for sale, ending inventory and cost of goods sold for September 30, 2012 using the LIFO valuation method 1) Provide the dollar amount of goods available for sale, ending inventory and cost of goods sold for September 30, 2012 using the Average Cost valuation method. 2) Assume the company uses the LIFO inventory system. Assume the ending inventory for fiscal year 2011 is overstated by $10,000. If the error is not corrected what will be the effect on COGS in 2011 and 2012? (Indicate only if it understated or overstated? The amount is not necessary 3)