9. Which is not a reason a company would choose to use LIFO for financial reporting? 1. The company wishes to use LIFO for tax purposes. 2. The company wants net income to be as high as possible to may more taxes. 3. The company would like to match the most current costs with revenues. 4. LIFO does provide for a postponement of income taxes. 10. Traylor Corporation began the year with three items in beginning inventory, each costing $4. During the year Traylor purchased five more items at a cost of $5 each and two more items at a cost of $6.50 each. Traylor sold eight items for $9 each. If Traylor uses LIFO, what would be Traylor's gross profit for the year? 1. $42 2. $30 3. $35 4. $72