1. Inventory Cost Flow methods Johnson Company reports the following for the month of June. The company uses periodic inventory system. Instructions: Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average cost (Show your work to earn points) 1) Equipment was acquired on January 1,2018 at a cost of 575,000 . The equipment was originally 2. Depreciation estimated to have a salvage value of $5,000 and an estimated life of 10 years. Depreciation has been recorded through December 31,2021 using the straight-line method On January 1, 2027, the estimated salvage value was revised to $7,000 and the useful life was revised to a total of 8 years Imstructions: Determine the depreciation expense for 2022 (Show your work to earn pointi) 1. Inventory Cost Flow methods Johnson Company reports the following for the month of June. The company uses periodic inventory system. Instructions: Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average cost (Show your work to earn points) 1) Equipment was acquired on January 1,2018 at a cost of 575,000 . The equipment was originally 2. Depreciation estimated to have a salvage value of $5,000 and an estimated life of 10 years. Depreciation has been recorded through December 31,2021 using the straight-line method On January 1, 2027, the estimated salvage value was revised to $7,000 and the useful life was revised to a total of 8 years Imstructions: Determine the depreciation expense for 2022 (Show your work to earn pointi)