LO 2 LIFO Method: Periodic Inventory System SE5. Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the L.IFO method under the periodic inventory system. 3 Effects of Inventory Costing Methods and Changing Prices SE6. Prepare a table with four columns that shows the ending inventory and cost of goods sold for each of the results from your calculations in SE2 through SE5, including the effects of the different prices at which the merchandise was purchased. Which method(s) would result in the lowest income taxes? 4 Average-Cost Method: Perpetual Inventory System SE7. Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the average-cost method under the perpetual inventory system. (Round to the nearest dollar.)