Journalize each transaction: April 1 - We buy 4 items at 10 cents per item April 3 - We sell 2 items for $1 per item for cash April 6 - We buy 4 items at 12 cents per item April 12 - We sell 3 items at $1 per item for cash April 20 - We buy 4 items at 15 cents per item April 27 - We sell 5 items at $1 per item for cash What is the ending inventory & cost of goods sold in the periodic system, using FIFO, LIFO & Average Cost methods? 1. Journalize & record all transactions for the month of April using the periodic inventory system for all 3 costing methods, FIFO, LIFO & Average Cost. You may have 3 separate pages, one for each cost method, or identify and complete for one cost method, then label the next one and complete, followed by the third; or if the entries are the same for each method, indicate the same or no changes. 2. Set up T Accounts for inventory and purchases, for each cost method (you will have 6 in total, or if the T Accounts are the same for each method indicate the same or no change.) Post the entries from the journal and determine the ending balance as of April 30. 3. Calculate the Cost of Goods Sold and ending inventory for each cost method, for the month of April. This is a brand new business, so the inventory on April 1 is $0.