2. The Shade Company is a merchandising company selling curtains. The changes in their inventory for the month of May are given below: Beginning inventory 8 units at $7 each. May 5 Purchased 20 units at $8 each. July 10 Sold 15 units at $20 each. July 15 Purchased 20 units at $9 each. July 20 Sold 20 units at $20 each. Requirements: 1. Record the changes in inventory in an inventory record table assuming that company uses FIFO inventory recording method. 2. If the company used LIFO method instead, would their cost of goods sold be higher or lower? Will that always be the case? Explain. What could be a possible benefit of using LIFO method in this situation? (There is no need to do any calculations here, this can be answered using the information provided in the problem only). (50 Points)