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Vachyayer EMO TYLOREMSIen Mind rei-areassignmentsession eBook Calculator Exercise 6-62 Inventory Costing Methods: Periodic Inventory System (Appendices 68) Jackson Company had 400 units in beginning inventory at a cost of $20 each. Jackson's 2019 purchases were as fol Date Purchases Feb. 21 5,200 units at $24 each July 15 4,800 units at $28 each Sept. 308,500 units at $30 each Jackson uses a periodic inventory system and sold 18,500 units at $50 each during 2019. Required: red: 1. Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO and average cost method FIFO L IFO Average Cost Cost of ending inventory 11,052 Cost of goods sold $ 510,200 $ $14,200 $ 511,148 511,148 F Check My Work 1. For cost of ending inventory and the cost of goods sold using the FIFO method, apply the following steps Step 1 Calculate the cost of goods available for sale for the period Step 2. Apply the Inventory costing method recognizing that under FIFO, the earliest purchases (lestin) are assumed to be the For cost of ending inventory and the cost of goods sold using the LIFO method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period Step 2. Apply the inventory costing method recognizing that under LIFO, the most recent purchases (newest costs) are alloca For cost of ending inventory and the cost of goods sold using the average cost method, apply the following steps: Step 1 Calculate the cost of goods available for sale for the period Step 2. Apply the inventory costing method recognizing that under average cost, the cost of goods available for sale is alloca 2. Prepare income statements through gross margin using each of the costing methods in Requirement 1. Check My Work Cost ay wala