Question $1(10$ marks$)$Tim Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December $31.$ TransactionsUnitsUnit Cost Beginning inventory, January $11,000$$$6\mathrm{.}00$ Transactions during the year: a$.$ Purchase, January $302,0008\mathrm{.}00$ b$.$ Sale, March $14($$$12$ each$)(800)$ c$.$ Purchase, May $11,00010\mathrm{.}00$ d$.$ Sale, August $31($$$12$ each$)(1,600)$ Required:Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December $31,$ under each of the following inventory costing methods.a$.$FIFOb.LIFOc.Weighted Average$($Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.$)$