Mid-Chapter Demonstration Problem p Graphic Artz Co. uses a perpetual inventory system and had the following beginning inventory and purchases du January 2020: Item X Date Units Unit Cost Total Cost Jan. 300 $14 @ 15 1 Inventory.... 16 Purchase. 20 Purchase. Total units and cost of goods available for sale...... 200 300 $ 4,200 3,000 4,800 16 800 $12,000 Sales of units were as follows (all on credit): Page 3 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 Analysis Component: A new supplier has approached Graphic Artz Co., offering to supply the merchandise inventory at a cost of $11 per unit. What should the company consider when deciding whether or not to change to the new supplier? Planning the Solution Sales of units were as follows (all on credit): Page 2 Jan. 15. 28. 200 units at $30 460 units at $35 Total units sold. 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