P 7-10 LO A 2. Interpretive Question! WHILI LOUI Periodic Inventory System with Different Cost Formulas Fresh Wholesale buys peaches from farmers and sells them to canneries. During May 2017, Fresh inventory records showed the following: Cases Price Physically .8.5000 10 May 1 cisto 5,100 1,210 (1,020 1,050 1,750 2,120 2,340 Beginning inventory Purchase Sale Purchase Sale Purchase Sale 610.50 12.00 19.65 12.50 19.65 13.00 19.65 -13 (19 26 30 Fresh Wholesale uses the periodic inventory system to account for its inventory, which means that all sales are assumed to occur at the end of the period no matter when they actually occurred. Required: Calculate the cost of goods sold and ending inventory using the following cost formulas. Calculate unit costs to the nearest cent.) 1. FIFO 2. Weighted average cost Determining and Analyzing Cost of Goods Sold and Ending Inventory P 7-11 Average