E6A-3. (Compute amounts for the GAAP inventory methods-periodic system) Suppose Synthetix Corporation's inventory records for a particular computer chip indicate the following at October 31: Oct 1 Beginning inventory Purchase. Purchase............ Purchase............. 4 units @ $60 = $240 3 units @ $60 = 180 12 units @ $70 = 840 1 units @ $80 = 80 The physical count of inventory at October 31 indicates that five units of inventory are on hand. > Requirements Compute ending inventory and cost of goods sold, using each of the following methods: 1. Specific unit cost, assuming three $60 units and two $70 units are on hand 2. Average cost (round average unit cost to the nearest cent) 3. First-in, first-out 4. Last-in, first-out