Problem 1 - Inventory Valuation (10 points total) Green Store uses a PERIODIC inventory system and had the following transactions for one of its inventory items during 2019: Beginning Inventory 60 units @ $27 per unit Purchases Purchase I on 3/11/19 Purchase 2 on 10/18/19 60 units @ $29 per unit 40 units @ $30 per unit Sales: Sale I on 3/15/19 Sale 2 on 10/22/19 50 units @ $70 per unit 75 units @ $70 per unit The units sold on 3/15/19 were from beginning inventory. The 10/22/19 sale included 50 units from the 3/11/19 purchas and 25 units from the 10/18/19 purchase. Show how Green Store's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Compute Ending Inventory, COGS and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table. If needed, round your answers to the nearest cent. SHOW YOUR CALCULATIONS BELOW. Specific Identification Weighted Average Cost FIFO LIFO 12/31/19 Balance Sheet Inventory 2019 Income Statement Cost of Goods Sold Gross Profit