A company uses the periodic average cost method to account for inventory. For the year, the company had the following beginning Inventory and purchases: Beginning inventory on January 1 Purchase on March 1 Purchase on September 1 100 units 400 units 800 units at $2,800 per unit at $3,000 per unit at $3,200 per unit Sales for the year totaled 1,000 units, leaving 300 units on hand at the end of the year. The company reported ending Inventory for $900,000. Which of the following is correct? Multiple Choice The amount reported for ending Inventory is incorrect because management used a simple average instead of weighted-average to calculate the unit cost of Inventory for the year The amount reported for ending inventory is correct The amount reported for ending inventory cannot be determined with the information given because the amount depends on which of the 1.000 units were assumed to be sold The amount reported for ending Inventory is incorrect because the unit cost of ending Inventory should be the average cost of the last 300 units purchased