Exercise 3 - Periodic (FIFO, LIFO, Average) Use Periodic Inventory Explanation Video in Blackboard for an explanation of how to calculate. Spring River sells bottled water using a periodic inventory system. The following is a list of beginning inventory and purchases for bottles used in manufacturing their spring water. Beginning Inventory 8,000 bottles at $0.20 First Purchase 4,500 bottles at $0.22 Second Purchase 2,000 bottles at $0.24 Third Purchase 3,000 bottles at $0.26 At the end of the year, 2.500 bottles remained in ending inventory. What is cost of merchandise sold and ending inventory under the FIFO, LIFO and average cost methods? Present your answers in the following form (in an excel spreadsheet); Cost Inventory Method Merchandise Inventory Merchandise Sold a FIFO S b. LIFO c. Weighted average cost