EXERCISE Edwards Sporting Goods began operations February 1, 2002. Edwards sells footballs to high schools and colleges throughout the country. The company uses a periodic system. A summary of inventory records for the moth of February appears below: Inventory Records-Footballs Gross Price On Invoice $30,000 22,560 20,490 Date Term Of Purchase Units Received February 2 February 17 February 26 2/10, net 45 3/10, net 30 net 30 800 600 550 I footballs are sold for $47.50. Edwards takes all discounts that are offered and uses net method for recording purchases. On February 28, 770 footballs were on hand. he 1) Compute the ending inventory cost under FIFO 2) Compute the ending inventory cost under LIFO 3) Compute the ending inventory cost under AVERAGE