2. (18 marks) Irene Company began operations on Jan 1, 2018 and uses the average cost method (AC) in costing its inventory. Irene is contemplating a change to the FIFO method. Accordingly, the following information has been developed: Ending Inventory AC 2018 $450 480 2019 $765 810 FIFO Condensed I/S for Irene, prepared under AC inventory method, for 2018 and 2019 appear below: 2018 Sales CGS GP $3,000 1,800 $1,200 SG&A NI 750 $ 450 Required: Calculate CGS for each year under FIFO (8 marks) 2019 $3,600 2,160 $1,440 825 $ 615