2. Inventory and cost of goods sold calculations under the FIFO and LIFO methods of inventory valuation are presented below for AC Co. This company has a tax rte of40%. FIFO LIFO Ending inventory 120,000 $ 100,000 Cost of goods sold 750,000 770,000 Use the data above to answer the Following Questions. SHOW YOUR WORK. a. Assume Sales for the company total $1,000,000, determine the difference in the amount of Gross Profit the company would report if it uses FIFO instead of LIFO. b. H low much additional cash would be available if the company used LIFO instead of FIFO? Page 1