1. Summarize the effects of using the FIFO and LIFO cost-flow assumptions on COGS and Ending Inventory by circling the type of costs allocated to each below FIFO LIFO COGS(Recent /Older) Recent Older) Ending inventory: |(Recent/Older) Recent Older) 2. During a period when costs are increasing, (FIFO LIFO results in a higher gros:s profit margin (GP%-Gross profit /Sales revenue). Use the information in the chart immediately below to answer the following questions. Jan 1 Beg inventory25 units @ $20 per unit $500 1,050 Jan 21 Purchase #2 | 45 unitsl@ $40 per unit- | 1.800 lan 9 Purchase #1 | 35 units @ $30 per unit- 3. Assume 75 units were sold for $80 each. Using FIFO and LIFO, compute gross profit for January in the space provided below FIFO LIFO Sales revenue Less: COGS Gross profit