system. At the end of the annuai accounting period, December 31, the accounting records for the most popular item in inventory showed the following $5.00 Beginning inventory, January 1 Transactions during the yoar a Purchase, January 30 b. Purchase, May 1 C. Sale ($7 each) d Sale ($7 each) 4 00 6.00 520 1220 (760) Required: a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, first-out and Specific identification inventory costing methods. For assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of Ja ance from the purchase of May 1. (Do not round intermediate calculations. Round "Average Cost and Specific Identification" answers to 2 decimal places.) First-n, Last-in, Specific First-Out First-Out Identification Ending inventory Cost of goods sold