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 inventor Purchase Purchase Purchase Purchase Number of units 150 160 100 80 130 Cost per unit S10 $14 S15 S17 S18 During the year, Roni Inc. sold 330 mugs. Required: 1. 2. 3. Calculate Roni Inc.'s inventory and cost of goods sold under FIFO. Calculate Roni Inc.'s inventory and cost of goods sold under LIFO Calculate Roni Inc.'s inventory and cost of goods sold under average cost