Seminole Company began year 2013 with 28,000 units of product in its January 1 inventory costing $16.60 each. It mapurchases of its product in year 2013 as follows. The company uses a periodic inventory system. On December 31, 20reveals that 51,000 units of its product remain in inventory.Mar.MayAug.Nov.72511044,000 units @ $19.60 each46,000 units @ $23.60 each36,000 units @ $25.60 each41,000 units @ $28.60 eachA physical inventory of Liverpool Company taken at December 31 reveals the following.Per UnitItemAudio equipmentReceiversCD playersMP3 playersSpeakersVideo equipmentHandheld LCDsVCRsCamcordersCar audio equipmentSatellite radiosCD/MP3 radiosUnitsCostMarket353268334212$ 10812910449$981199460488299220133923301581013181931789211378105Required:1. Calculate the lower of cost or market for the inventory applied separately to each item.Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.