Question Two - Problem Solving (50 points) Brugge Company uses a periodic inventory system. For June, when the company sold 650 units, the following information is available: Units Unit costs June 1 inventory 350 11 June 18 purchase 400 13 June 27 purchase 250 14 1,000 Instruction: Compute the June 30 inventory and the June cost of goods sold using: a) the average-cost method (30 points) b) FIFO method (20 points) Question Three - Short Answer Questions (35 points) 1. In what ways are the inventory accounts of the merchandising company different from those of a manufacturing company? (11 pts) 2. Define "product costs and explain how do they relate to inventory. (11 pts) 3. Define periodic system of maintaining inventory records. (13 pts) (10 points) Bonus question The following information is available for Saab Company for 2019: Freight-in 33,000 Purchase returns 65,000 Selling expenses 270,000 Ending inventory 150,000 The cost of goods sold is equal to 400% of selling expenses. Instruction: What is the cost of goods available for sale