The following information is from the accounting records of JackCo: 
Required:
1. Determine the cost of goods sold assuming JackCo uses the first-in, first-out (FIFO) inventory method.
2. Determine the cost of goods sold assuming JackCo uses the last-in, first-out (LIFO) inventory method.
3. Which inventory method results in LOWER taxable income for the period? Why?
Definitions:
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