PROBLEM #3 (Worth 9 %) Inventory Methods-SHow ALL YOURwORK! from Banner's inventory record for Product X. January 1, 20X1 Banner Company was formed on December 1, 20X0. The following information is available Units 1,600 Unit Cost Total Cost $18.00 $28,800 Purchases: January 5, 20X1 February 16, 20X1 March 10, 20X1 2,600 1,000 1,800 $20.00 $52,000 $22.00 $22,000 $23.00 $41,400 Sales January 10, 20X1 March 15, 20X1 3,000 2,000 Instructions (a) Assume the company uses a Perpetual Inventory System. Compute the value (S amount) of ending inventory and cost of goods sold at 3/31 under each of the following methods: (1) FIFO (2) Weighted Average (b) Assume the company uses a Periodic Inventory System. A physical count of the inventory indicated 2000 units remained as of 3/31. Compute the value (S amount) of cost of goods sold under the following method: (1) LIFO Problem #4 (7 %) Retail Inventory Method