2. INVENTORY PRICING PROBLEM Genesis, Inc. has a fiscal year ending Dec. 31. Below is an inventory purchase and sales record for the current year. The company has only one product in inventory and all units of that product are identical. Units Purchased Units Sold Balance 16 @ $9.25 Date Jan. 1 Feb. 12 Mar.27 20 @ $11 18@ $12 Apr. 25 40 @ $25 Jul. 28 30 @ $15 Sep. 24 25 @ $26 10 @ $28 Nov. 12 Dec. 6 6 @$16 Required: (Calculate GAS first for all 3 steps) Goods Available for Sale 1. Assume that Genesis uses the periodic inventory system and values inventory by using the weighted average method. Calculate the value of the ending inventory and the Cost of Goods Sold. Ending Inventory Cost of Goods Sold 2. Assume that Genesis uses the periodic inventory system and values inventory by using the First-In First-Out method. Calculate the value of the ending inventory and the Cost of Goods Sold. Ending Inventory Cost of Goods Sold 3. Assume that Genesis uses the periodic inventory system and values inventory by using the Last-In First-Out method. Calculate the value of the ending inventory and the Cost of Goods Sold. Ending Inventory Cost of Goods Sold 25 points