Inventory Costing Method Jonny Cake Co's beginning inventory and purchases during the year ended December 31, 2016 were as follows: Unit Units Cost Total Cost January 1 Inventory 1,000 $50.00 $50,000 March 10 Purchase 3,000 $52.00 $156,000 June 25 Sold 1600 units August 30 Purchase 2,600 $55.00 $143,000 October 5 Sold 4,000 units November 26 Purchase 1,000 $57.68 $57,680 December 31 Sold 800 units Total 7,600 $406,680 Instructions: 1. Determine the cost of inventory on December 31, 2016, using the perpetual system for the following costing methods: a. First-in, first-out b. Last-in, first-out c. Weighted average cost 2. Determine the cost of inventory and Cost of Merchandise Sold on December 31, 2016, using the periodic system for the following costing methods: a. First-in, first-out b. Last-in, first-out c. Weighted average cost . Chat Perpetualand-Priodenvertory CoutingMethod.103-3000 BAE 31E DET Purchase Coul Merch De Balances 1 CS Han Batan Cheater PerpetuandweermoryConto08.200 8 5 Purchas Mercedes PIROS BA C Total Cette the Card teinity - Pame KHI I MY | An thiu liu Cadea Chapter PrislandPeriodontyCortingMethod: 101000 oC BIGA E 31 13 LIO (Indic M X Corporat Team Calculate the Cantal Mercold Ending -Courel Merchandise WAC ( PS WACP Umie NE X Count Tratamentul Garlate the cost of March Sold feming - CroModa