• Stewart Co.s beginning inventory and purchases during the year ended December 31,2010,were as follows: Units Unit Cost Total Cost Jan.1 Inventory 1,000 $50.00 $50,000 Mar.10 Purchase 1,200 52.50 63,000 Jun.25 Sold 800 units Aug.30 Purchase 800 55.00 44,000 Oct.5 Sold1,500units Nov26 Purchase 2,000 56.00 112,000 Dec.31 Sold1,000units Total 5.000 $269.000 Instructions: 1. Determine the cost of inventory on December 31.2010, using the perpetual inventory system and each of the following inventory costing methods:a fist-in,first-out and b) last-in first-out. 2. Determine the cost of inventory on December 31,2010,using periodic inventory system,and averagecostmethod