MNOP Corporation uses the FIFO method and operates under a periodic inventory system. For the year ended December 31, 2023, the following data is provided:

• Beginning Inventory: 800 units at $12 per unit
• Purchases:
  • March 1: 1,200 units at $15 per unit
  • July 1: 1,500 units at $16 per unit

• Sales:
  • 2,500 units sold during the year

• Ending Inventory: 800 units

a. Calculate the cost of goods sold (COGS) for MNOP Corporation for 2023 using the FIFO method. b. Determine the value of ending inventory using the FIFO method. c. Compare the results obtained under the periodic inventory system with those under a perpetual inventory system. d. Explain how the choice between periodic and perpetual inventory systems impacts financial reporting.