Use the following to answer questions 31-36: Charlotte, Inc. uses a periodic inventory system. The purchases of a particular product during the year are shown below: Jan.1 Beginning inventory 1, 200 units @ $8.00= $9, 600 Feb 7 Purchase 1, 450 units @$8.50= 12, 325 July 10 Purchase 1, 600 units @ $9.00 = 14, 400 Nov 25 Purchase 1,000 units @$9.50= 9, 500 Total 5, 250 45, 825 At December 31 the ending inventory consisted of 2,000 units. Refer to the above data. Compute the cost of the ending inventory based on the LIFO method of inventory valuation. $18, 500. $29, 425. $16, 400. $27, 325. Refer to the above data. Compute the cost of goods sold for the current year based on