1. Pepper Inc. reports according to GAAP and uses LIFO method to account for inventories. Tax rate is 25%. Pepper reports the following data (in USD). 2020 2019 Costs of goods sold 23 500 19 500 Net income 5 000 4 200 Inventories 10 300 9540 LIFO reserve 2 200 2 100 If Pepper would report according to FIFO method, what would be the reported inventories, net income and COGS amount (show your calculations)? Please comment on why LIFO method could be least preferable (from the company's, government's point of view