Problem HW: The table below summarizes the beginning inventory, purchases, and sales of Company's single product during January Beginning Inventory and Purchases Date Jan. 1 Inventory Units Cost Total Sales Units 4 Sale 8 Purchase 10 Sale 12 Purchase 15 Sale 18 Purchase 24 Purchase 31 Sale 1,400 600 900 500 $19 20 21 $26,600 12,000 18,900 11,000 300 1,300 150 800 23 18,400 1350 3,100 Totals 4,200 $86,900 REQUIRED Assuming that the company uses the periodic inventory system, compute the cost that should be assigned to ending inventory and to cost of goods sold using (a) the average-cost method, and (b) the FIFO method. 1