Mini-Exercise Cost flow assumptions-FIFO and LIFO using a periodic system Sales durin 5.5 the year were 700 units. Beginning inventory was 400 units at a cost of $10 per LO 7,8 Purchase I was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit Required: Calculate cost of goods sold and ending inventory under the following cost flow assumptions using a periodic inventory system): a. FIFO b. LIFO a ldspil