SECTION B (40 marks) Answer ALL questions from this section. Question 1 (10 marks) Liverpool Company uses a perpetual inventory system. The following table shows the beginning inventory, the purchases and sales of product X during the current year 2019: Date Description Total Quantity (unit) 60 40 Unit Cost $100 $120 $120 Beginning inventory Purchases Purchases Sales Purchases Sales 13 Jan 10 Apr 21 Jul 18 Aug 23 Oct 11 Nov $6,000 $4,800 $12,000 $110 $17,600 160 50 Required: (SHOW WORKINGS) Using First-In, First-Out (FIFO) method, calculate (i) and (ii): (1) Cost of Goods Sold for the year ended 31 December 2019. (5 marks) (ii) the cost of Ending Inventory as at 31 December 2019