Exercise 6-62 Inventory Costing Methods: Periodic Inventory System (Appendices 6B) Jackson Company had 400 units in beginning inventory at a cost of $20 each. Jackson's 2019 purchases were as follows: Date Purchases Feb. 21 5,200 units at $24 each July 154,800 units at $28 each Sept. 30 8,500 units at $30 each Jackson uses a periodic inventory system and sold 18,500 units at $50 each during 2019. Required: 1. Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average Cost Cost of ending inventory $ 12,000 $ 3,000 $ 11,052 Cost of goods sold $ 510,200 $514,200 $ 511,148 Feedback 2. Prepare income statements through gross margin using each of the costing methods in Requirement 1. Jackson Company Income Statement For 2019 FIFO LIFO Average Cost Sales revenue Less: Cost of goods sold 510,200 514,200 511,148 Gross margin