3. Crazy Ltd. has 20,00,000 shares of common stock outstanding. The company had the following transactions during the year 2020, which was its 1" year of business operations. Sales: 2,00,00,000 Kgs @ Rs. $ Page 2 of 3 Purchases: 1,80,00,000 Kgs @ Rs. 2 60,00,000 Kgs @ Rs. 3 Current income tax rate: 40%. It is December 20, and Ms. Lisa, the President, is attempting to decide whether to purchase 80,00,000 Kgs she requires for inventory now or early next year. Current price of the same: Rs. 4 per Unit Ms. Lisa is yet to select an inventory method, however considering either FIFO or LIFO. Other expenses for the year: Rs. 2,80,00,000. 1. Applying LIFO, draw a comparative income statement with the assumption that 80,00,000 Kgs (a) are not purchased, & (b) are purchased. Your statement should also state reported earnings per share (EPS). 2. Repeat requirement 1, applying FIFO. 3. Comment on the preceding results. Which method should Lisa select? Why? Be specific. Note: Show gross profit, profit before tax, profit after tax, EPS