3rite Company sold 2,500 asits of its product at $98 per unit in year 2011 and incurred operating of $14 per unir in selling the units. It began the year with 740 units in inventory and made sospurchases of its product as follows. comparative income statements similar to Exhibit 6.8 for the three inventory costing methods (C)F, LIFO, and weighted average. (Round per unit costs to three decimals, but inventory balances inted . Lifor, Inelude a detailed cost of goods sold section as part of each statement. The company uses 2 petiefic inventory system, and its income tax rate is 25%. 3. Fopyohould the financial results from using the three alternative inventory costing methods change if the coppipany had been experiencing decreasing prices in its purchases of inventory? 3, hhat advantages and disadvantages are offered by using (a) LIFO and (b) FIFO? Assume the continulop thead of increasing costs. kigkers Company sold 2500 anits of its product at $98 per unit in year 2011 and incurred operating theses of $14 per unit in selling the units. It began the year with 740 units in inventory and made sucreistid purchases of its product as follows. Requitrod 7. Phepure comparative income statements similar to Exhibit 6.8 for the three inventory costing methods Of E0, LIFO, and weighted average. (Round per unit costs to three decimals, but inventory balances to theis.lits.) Include a detailed cost of goods sold section as part of each statement. The company uses hbericis itiveotory system, and its income tax rate is 25%. 3. Hingrtond the financial results from using the three alternative inventory costing methods change if The coing the had been experiencing decreasing prices in its parchases of inventory? 77. What idvantsges and disadvantages are offered by using (a) LIFO and (b) FIFO? Assume the continutho trend of increasing costs