value: 1.00 points  Below is partial information for the income statement of Lumber Company under three different inventory costing methods, assuming the use of a periodic inventory system:     Required:1.Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Input all amounts as positive values. Round your weighted average cost per unit to 2 decimal places and all other answers to the nearest dollar amount. Cost of goods sold and ending inventory may not add up to cost of goods available for sale due to rounding. Omit the "$" sign in your response.)       FIFO LIFO Average Cost  Cost of goods sold:            Beginning inventory (385 units)$10,395    $10,395   $10,395        Purchases (456 units) 15,960     15,960    15,960             Goods available for sale              Ending inventory (535 units)                   Cost of goods sold$  $  $        Explanation: Beginning inventory = 385 units @ $27 Purchases = 456 units @ $35 Ending inventory = 535 units Goods sold = XXXXXXXXXX – 535 = 306 units FIFO: It means first in first out. Goods sold consists of = 306 units @ $27 =$ 8262 Ending inventory = Goods available for sale – cost of goods sold = $ 26355 - $ 8262 = $ 18,093. LIFO: It means last in first out. Goods sold consists of = 306 units @ $35 =$ 10,710 Ending inventory = Goods available for sale – cost of goods sold = $ 26355 - $ 10710 = $ 15,645 Average cost method: Average cost of goods sold = $26355 / XXXXXXXXXX) = $31.34 Cost of goods sold = 306 units @ 31.34 = $ 9,590 Ending inventory = Goods available for sale – cost of goods...