Required informetion P7-3 (Algo) Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow LO7-2, 7-3 [The following information applies to the questions displayed below]. At the end of January of the current year, the records of Donner Company showed the following for a porticularitem that sold at $15.80 per unit: P7-3 Part 1 Required: 10. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sole was selected from the beginning inventory and the second sale was selected from the January 12 purchose. 1b. Assuming the use of o periodic inventory system, prepare a partial income statement under each method of inventory: (s) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sole wos selected from the beginning inventory ond the second sale was selected from the January 12 purchase. Complete this question by entering your answers in the tabs below. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO. (c) LIFO, and (d) specific identification. For specific identification, assome that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase