PRINTER VERSION 4 BACK CALCULATOR Question 4 Sweet Company, Ltd. had a beginning inventory of 780 units of Product Kimbo at a cost of E1 per unit. During the year, purchases were: Feb. 20 390 5 Aug. 12 1,170 E12 May 5 975 E6 Dec. 8 585 E13 Sweet Company uses a periodic inventory system. Sales totaled 2,925 units. Determine the cost of goods available for sale. The cost of goods available for sale Determine (1) the ending inventory and (2) the cost of goods sold under the two assumed cost flow methods (FIFO and average-cost). (Round average unit cost decimal places, e.g. 25.16 and final answers to o decimal places, e.g. 2, 120.) FIFO AVERAGE-COST The ending Inventory E The cost of goods sold E Which cost flow method results in (1) the lower Inventory amount for the statement of financial position, and (2) the lower cost of goods sold for the income stateme (1) (2) results in the lower inventory amount for the statement of financial position, results in the lower cost of goods sold