$13 SERVICES X ExcelPDF- X GPayout ratio formula x What Is the Del 37/mod_resource/content/1/HDMT1301%20Take-home%20Assignment%202.pdf hatsApp. Sign Up Create a... D; SCEMoodle: Log in: ... 7/8 Inventory, January 1 (10,000 units) 94% Cost of 100,000 units purchased Selling price of 84,000 units sold Operating expenses $ 47,000 532,000 735,000 140,000 Units purchased consisted of 35,000 units at $5.10 on May 10; 35,000 units at $5.30 on August 15; and 30,000 units at $5.60 on November 20. Income taxes are 30%. Required (a) Prepare comparative condensed income statements for 2020 under FIFO and LIFO. (b) Answer the following questions for management. (12 marks) (1) Which inventory cost flow method produces the most meaningful inventory amount for the balance sheet? Why? (2 marks) (2) Which inventory cost flow method produces the most meaningful net income? Why? (2 marks) (3) Which inventory cost flow method is most likely to approximate actual physical flow of the goods? Why? (2 marks) (4) How much additional cash will be available for management under LIFO than under FIFO? Why? (2 marks)