5) Margaret's Big Byte Computer Retail Sales Co. had a beginning inventory on January 1, 20XX, of 1,400 units that cost $1,025 per unit. A summary of purchases and sales during the year follows: Unit Units Units Cost Purchased Sold Jan 3 800 Mar 8 $1,200 1,500 Jun 13 1,000 $1,400 400 Nov 23 $1,600 600 Dec 28 900 Sep 19 Assuming Big Byte uses a periodic inventory method and has 1,100 units on hand at year-end, calculate the value of ending inventory under each of the following cost of goods sold product flow assumptions: a) first in-first out b) last in-first out c) weighted average If you could pick one inventory valuation methodology for financial statement presentation independent of the inventory valuation methodology for tax returns: d) Which valuation method would you want to use for financial statement presentation to your bank and shareholders? Why? e) Which valuation method would you want to use for tax returns for the IRS? Why? 1) What is the effect on revenue of your choice of between FIFO and LIFO