Exercise 2: Inventory Valuation in a Periodic Inventory System Part A: Explain conceptually how to generally compute the cost of goods sold and remaining inventory under each of the following assumptions: 1) FIFO costing in a periodic inventory system 2) LIFO costing in a periodic inventory system 3) Average costing in a periodic inventory system Consider the following information: Purchase Date Units Cost per Unit 2,000 1.200 October 22 2,000 October 29 1,000 6,200 Total $2,000 $3,600 $8,000 $5,000 S18,600 October l October 8 $1.00 4.00 $5.00 Totals re 2,500 units of inventory on hand at the end of October, per a physical inventory count. Part B: Compute the cost of goods sold and the cost of the 2,500 unis in ending inventory under each of the assumptions given above