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In: AccountingCalculating FIFO Inventory ValuesThe Mann Corporation began operations in 2015. Informationrelating to the company’s...Calculating FIFO Inventory ValuesThe Mann Corporation began operations in 2015. Informationrelating to the company’s purchases of inventory and sales ofproducts for 2015 and 2016 is presented below.2015January 1Purchase200units@$10per unitApril 1Sold120units@$25per unitJuly 1Purchase100units@$14per unitSeptember 1Sold130units@$25per unit2016January 1Purchase100units@$16per unitApril 1Sold80units@$30per unitJuly 1Purchase100units@$18per unitSeptember 1Sold100units@$35per unitCalculate the FIFO cost of goods sold and ending inventory for2015 and 2016 assuming use of (a) the periodic method and (b) theperpetual method.a. FIFO Periodic. Round to nearest whole number.2015Cost of goods sold$AnswerEnding inventory$Answer2016Cost of goods sold$AnswerEnding inventory$Answerb. FIFO Perpetual. Round to nearest whole number.2015Cost of goods sold$AnswerEnding inventory$Answer2016Cost of goods sold$AnswerEnding inventory$Answer