Would the net income be lower under the cost method or the lower-of-cost-or-market method? P6-8A. Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, Accounting for Inventory Chapter 6 318 h. LO2 which sells just one product Units Unit Cost 1,200 $ 8 Beginning inventory, January 1 February 11 May 18 October 23 March 1 1,500 Purchases 1,400 10 1,100 1,400 1,400 1,200 14 Sales July 1 October 29 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic metho and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round the co per unit to 3 decimal places and round your final answers to the nearest dollar. If the replacement ca of the inventory at year-end is $15, how will the cost of goods sold under each method be affected? LO1 P6-9A. Physieal Inven P-13A. Inventory Costing Methods-Perpetual Method Using the data in P6-8A, assume that Portet Cor- poration uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold at year-end using the perpetual method and (a) first-in, first-ut, (b) last-in, first-out, and (e) weighted-average cost method. Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. If the replacement cost of the inventory at year-end is $15, how will the cost of goods sold under each method be affected? LO6 (Appendix 6A