PROBLEM 4 Edwards Sporting Goods began operations February 1, 2002. Edwards sells footballs to high schools and colleges throughout the country. The company uses a periodio system. A summary of inventory records for the moth of February appears below: Inventory Records-Footballs Daten f 1 Ter or Purchase on t Received I t ross rice 800 600 550 Invoice: $30,000 22,560 20,490 February 2 February 17 February 26 3/10, net 30 net 30 2/10, net 45 All footballs are sold for $47.50. Edwards takes all discounts that are offered and uses the net method for recording purchases. On February 28, 470 footballs were on hand. 1) Compute the ending inventory cost under FIFO. 2) Compute the ending inventory cost under LIFO. 3) Compute the ending inventory cost under AVERAGE 4) Give the journal entry to record the February 2 purchase