The beginning inventory, purchases, and sales of item PEAR4 for a recent year are as follows: Jan. 1 Inventory Mar. 20 Purchase 6 units at $50 14 units at $55 $ 300 770 Oct. 30 Purchase 20 units at $62 1,240 Available for sale 40 units $2,310 There are 16 units of the item in the physical inventory at December 31, the end of the fiscal year. The company uses the periodic inventory system. Determine (1) the December 31 Inventory balance and (2) the cost of goods sold for the year, using the: a. first-in, first-out (FIFO) method. b. last-in, first-out (LIFO) method. c. Weighted average cost method.