Mid-Chapter Demonstration Problem Graphic Artz Co. uses a perpetual inventory system and had the following beginning inventory and purchases during January 2020: Item X Date Jan. 1 Inventory.. Units Unit Cost Total Cost 300 @ $14 = $ 4,200 16 Purchase.. 200 @ 15 3,000 20 Purchase... 300 16 4.800 Total units and cost of goods available for sale 800 $12,000 Sales of units were as follows (all on credit): Jan 15 28. Total units sold ..........200 units at $30 460 units at $35 660 Additional data for use in applying the specific identification method: The specific units sold were: Jan. 15 200 units from the January 1 units on hand 28 75 units from the January 1 units on hand 150 units from the January 16 purchase, and 235 units from the January 20 purchase Required 1. Calculate the ending inventory and the cost of goods sold under a perpetual inventory system by applying each of the three different methods of inventory costing: a. FIFO b. Moving weighted average c. Specific identification 2. Using your calculations from Part 1, record the purchase on January 16 and the sale on January 28 for each of a. FIFO b. Moving weighted average c. Specific identification Page 409