1. FIFO-LIFO The Inventory Company has provided you with three months of their inventory and purchases for the last three months: Date Item Quantity Unit Price July 1 Begin Inventory 2,500 $38 July 15 Purchase 3,300 $37 July 29 Purchase 5,500 $36 Aug 11 Purchase 4,100 $36 Purchase 6,700 $35 Sept 14 Purchase 3,900 $34 Aug 30 During three months the company sold 18,200 units. Selling price is $78 and the company's tax rate is 32%. Required: A. Complete the worksheet for FIFO, LIFO and the income statement for the above information - similar to the example we completed in class. Example --- Worksheet for FIFO and LIFO Date Item Qty Unit $ Total $ CGS End Inventory B. Complete the required income statement comparison, as we did in class. # FIFO LIFO Sales $$ CGS (Cost of Goods Sold) Gross Profit Income Tax Profit after Taxes C. Explain which method you would recommend that the company should use and explain the reason for your decision