The Sunshine company uses periodic inventory system. The company makes a physical count at the end of each accounting period to find the number of units in ending inventory. The company then applies first-in, first-out (FIFO) method to compute the cost of ending inventory. The information about the inventory balance at the beginning and purchases made during the year 2012 are given below: Mar. 01 Mar. 12 Oct. 17 Dec. 15 Beginning balance: Purchases: Purchases: Purchases: 400 units @ $18 per unit 600 units @ $20 per unit 800 units @ $22 per unit 200 units @ $24 per unit 2,000 units $7,200 $12,000 $17,600 $4,800 Available during the year 2012 $41,600 On 31st December 2012, 600 units are on hand according to physical count Required: Compute the following using first-in, first-out (FIFO) method: 1 Cost of ending inventory at 31 December 2012. 2 Cost of goods sold during the year 2012