Mini-Exercise 5-5 (Static) Cost flow assumptions-FIFO and LIFO using a periodic system LO 5-7,5-8 Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit. Purchase 1 was 200 units at $7 per unit. Purchase 2 was 100 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Note: Enter all values as a positive value. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending Inventory Cost per unit Ending Inventory Beginning Inventory 400 $ 6 S 2,400 400 $ 6 $ 2.400 Purchases: Purchase 1 200 7 1,400 Purchase 21 100 8 800 Total 700 $ 4,600 400 $2.400 0 Required B> 7 of Next Mini-Exercise 5-5 (Static) Cost flow assumptions-FIFO and LIFO using a periodic system LO 5-7,5-8 Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit. Purchase 1 was 200 units at $7 per unit. Purchase 2 was 100 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Note: Enter all values as a positive value. Periodic LIFO Beginning Inventory Inventory Balance Cost per unit Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit Cost of Goods Available for Number of Cost per units sold unit Cost of Goods Sold Sale Number of units in anding Inventory S 0 Ending Inventory Purchases Purchase 1 Purchase 2 Total 0 S $