1. Maxim Corp. has provided the following information about one of its products: During the month, Maxim sold 400 units. Required: How much is the COGS during the month if the company had used LIFO, FIFO, and weighted average costing method respectively? 2. Allen's convenience store uses the periodic system to account for inventory and prepares financial statements monthly. on October 31st, as part of the adjusting entries, Allen calculates the inventory sold in the month of October. A physical count reveals that the company has inventory on hand that is worth $50,000. The ending inventory of September is $40,000. And during October, the company made one inventory purchase of $40,000. What is the cost of goods sold and ending inventory balance reported in the monthly financial statements prepared as of October 31st? ? 3. Allen company uses LIFO for financial reporting purposes and FIFO for internal reporting purposes. Its LIFO reserve balance is $80,000 as of 12/31/2020 and $90,000 as of 12/31/2021. Its reported net income (LIFO) is $500,000 for fiscal year 2021 and Cost of Goods Sold for 2021 is 1,000,000. Assume tax rate is 40%, what would the company's 2021 net income and cost of goods sold be should the company used FIFO method