SOLVE THE NUMBERS IN THE RED BOXES

Bramble Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 610 units at 385 units at $9 $10 Aug. 12 Dec. 8 $11 $12 May 5 485 units at 100 units at Bramble Corp. uses a periodic inventory system. Sales totaled 1,440 units. (c) - Your answer is partially correct. Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement? (1) LIFO v results in the lowest inventory amount, $ (2) FIFO v results in the lowest cost of goods sold, $