1. LUIServatism 4. Refers to the del pre in the operations of a company. 5. Related to the lower-of-cost-or-market (LCM) rule. 6. Can vary depending on the assumptions about the flow of costs. Specific Identification Method SE2. Assume the following data with regard to inventory for Vegan Company: LO2 Aug. 1 Inventory 40 units @ $10 per unit $ 400 8 Purchase 50 units @ $11 per unit 550 22 Purchase 35 units @ $12 per unit 420 Goods available for sale 125 units $1,370 Aug. 15 Sale 45 units 28 Sale 25 units Inventory, Aug. 31 55 units Assuming that the inventory consists of 30 units from the August 8 purchase and 25 units from the purchase of August 22, calculate the cost of ending inventory and cost of goods sold Average-Cost Method: Periodic Inventory System SE3. Using the data in SE2, calculate the cost of ending inventory and cost of good sold according to the average cost method under the periodic inventory system. (Round final answer to the nearest dollar.) LO 2 LO 2 LO 2 FIFO Method: Periodic Inventory System SE4. Using the data in SE2, calculate the cost of ending inventory and cost of good sold according to the FIFO method under the periodic inventory system. LIFO Method: Periodic Inventory System SES. Using the data in SE2, calculate the cost of ending inventory and cost of goo sold according to the LIFO method under the periodic inventory system. Effects of Inventory Costing Methods and Changing Prices SEG Deepare a table with four columns that shows the ending inventory and cost goods sold for each of the results from your calculations in SE2 through SE5 inch ing the effects of the different prices at which the merchandise was purchased. Wh method(s) would result in the lowest income taxes? LO 3 104 Average-Cost Method: Perpetual Inventory System SEZ. Using the data in SE2, calculate the cost of ending inventory and cost of goods s according to the average cost method under the perpetual inventory system. (Round the nearest dollar.)