3 Shepard Company sold 2,000 units of its product at $108 per unit in 2008 and incurred operating expenses of $14 per unit in selling the units. It began the year with 840 units in inventory and made successive purchases of its product as follows: January 2 April 2 Beginning Inventory Purchase.... 840 units @ $58 per unit 600 units @ $59 per unit June 14 Purchase 500 units @ $61 per unit August 29 Purchase 700 units @ $64 per unit November 18 Purchase Total 900 units @ $65 per unit 3,540 units Shepard Company uses a periodic inventory system. i) Determine the ending inventory and cost of goods sold amounts for the December financial statement under the FIFO, LIFO and average-cost methods. ii) Prepare comparative income statements for the three inventory costing methods. iii) How would the financial results from using the three alternative inventory costing methods change if Shepard had been experiencing decreasing prices in its purchases of inventory