Inventory Costing Methods Morrison Ing reported the following information for the month of August: Inventory, August 1 61 units @ $20 Purchase: August 7 47 units @ $22 August 18 61 units @ $ 24 47 units @ $26 August 27 During August, Morrison sold 135 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions. Cost of Goods Sold Ending Inventory Assumption $ 2,980 1,960 > 1. Of the 135 units sold, 51 cost $20, 33 cost $22, 46 cost $24, and 5 cost $26. 2 FIFO $ 3. LIFO $ 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest doffar.)