Styles . ABC company uses a periodic inventory system The beginning balance of inventory and purchases made by the company during the month of January 2020 are given below: 1 January. Beginning inventory, 400 units @ $15 per unit. 18 January: Inventory purchased, 700 units @ $17 per unit. 25 January: Inventory purchased, 600 units @ $19 per unit. ABC company sold 1,400 units during the month of January Required: Compute the cost of goods sold and ending inventory for the month of January using following inventory costing methods: (round to 2 decimal point when needed) 1. First in, first out (FIFO) method. 2. Last in, first out (LIFO) method 3. Average cost method