Compute ending inventory and cost of goods sold, using each of the following methods. Round all

(Computing amounts for the GAAP inventory methodsperiodic system) Suppose Intel Corporations inventory records for a particular computer chip indicate the following at October 31: Oct. 1 Beginning inventory 5 units @ $160 = $ 800 8 Purchase 4 units @ 160 = 640 15 Purchase 11 units @ 170 = 1,870 26 Purchase 5 units @ 180 = 900 The physical count of inventory at October 31 indicates that 8 units of inventory are on hand. Required Compute ending inventory and cost of goods sold, using each of the following methods. Round all amounts to the nearest dollar: 1. Specific unit cost, assuming four $160 units 2. Average cost 3. First-in, first-out and four $170 units are on hand 4. Last-in, first-out

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