The following data pertains to Eficient Market Investment p software packages in the inventory of the Investment Software division of Efficient Market Investment Outlets Inventory, January Purchases 250 units at $126 May 10 August 18 October 1 205 units at $124 275 units at $123 250 units at $124 255 units cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the FIFO method ). Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the LIFO method 1(b) 1(c). Determine the unit cost, cost of the inventory on December 31 and the cost of goods soid for the year ending 2. Assume that the replacement cost of each unit on December 31 is $124.23. Using the lower of cost or market rule, find the inventory amount under each of the Analyze; What is the difference between the cost and market value of the inventory using the L on that date under the average cost method methods given in 1 Complete this question by entering your answers in the tabs below. Reg 16Req 1c Req IA Req 2 Analyze Determine the cost of the inventory on December 31 and the cost of goods soid for the year ending on that date under the FIFO method. Ending Inventory Cost of Goods Sold Cost of Goods Available for Sale Number of Unit cost FIFO Number of Unit cost Total cost units 250$126 31,500 Total cost units Unit cost Total cost units126 31.500 Beginning Inventory, January 1 206 May-10 Aug-18 Oct-01 25,420 124 25,420 205 275 250 124 123 124 25,4 275 33,825 31,000 730 $ 90,745 $ 121,745 Total