The Canvas Company uses a periodic inventory system. The beginning balance of inventory and the purchases made by Star during the month of July are given below: Date July 01 July 18 July 25 Description Beginning inventory Inventory purchased Inventory purchased Total Units 500 800 700 Unit cost $20 $24 $26 Total cost $10,000 $19,200 $18,200 2,000 $47,400 The Star company sold 1,400 units during the month of July. Required: Compute Ending inventory on 31st July and cost of goods sold for the month of July using following inventory costing methods: ***Please show your work*** 1 First in, first out (FIFO) method 2 Last in, first out (LIFO) method 3 Average cost method 4. If the 1,400 units were sold for $50 each, what is the Gross Profit when using the FIFO method