Exercise 3 Calculating inventory and cost of goods sold: Roni Inc. sells mugs and uses the periodic inventory system. The company has provided the following information about one of its items: Date 01/01/2017 07/22/2017 10/03/2017 11/07/2017 12/22/2017 Transaction Beginning inventory Purchase Purchase Purchase Purchase Number of units 150 160 100 80 130 Cost per unit $10 $14 $15 $17 $19 During the year, Roni Inc. sold 330 mugs. Required: 1. Calculate Roni Inc.'s inventory and cost of goods sold under FIFO. 2. Calculate Roni Inc.'s inventory and cost of goods sold under LIFO. 3. Calculate Roni Inc.'s inventory and cost of goods sold under average cost. Exercise 4 - Calculating FIFO inventory and cost of goods sold with write- downs: Eitan Inc. sells iPhones and uses the periodic inventory system. The company has provided the following information about one of its items: Date 01/01/2017 07/22/2017 10/03/2017 12/31/2017 Transaction Beginning inventory Purchase Purchase Ending inventory Number of units 840 750 410 700 Cost per unit $10 $14 $15 ? Eitan Inc. uses the FIFO cost flow assumption. Required: 1. Calculate Eitan Inc.'s inventory and cost of goods. 2. Assume that the replacement (market) cost of an iPhone is $11. What is Eitan's cost of goods sold and inventory in 2017