Accounting, stuck on the next answers

The management of Sheridan Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost ow methods. For 2020, the accounting records provide the following data. Inventory, January 1 [7.500 unitsi $33,750 Cost of 75,000 units purchased 399.000 Selling price of 60,000 units sold 525,000 Operating expenses 137.500 Units purchased consisted of 26,250 units at $5.10 on May 10; 26,250 units at $5.30 on August 15; and 22,500 units at $5.60 on November 20. Income taxes are 30%. Prepare comparative condensed income statements for 2020 under FIFO and LIFO. Sheridan Company Condensed Income Statement For the Year Ended December 31, 2020 FIFO LIFO Sales Revenue 525000 525000 Cost of Goods Sold Beginning Inventory 33750 33750 Cost of Goods Purchased 399000 399000 Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit / (Loss) Operating Expenses 137500 137500 Income before Income Taxes Income Tax Expense Net Income / (Loss)Answer the fol lowing questions for management. Which inventory cost ow method produces the most meaningful inventory amount for the '1 FIFO method ' t J balance sheet? I. [2) Which inventory cost ow method produces the most meaningful net income? LIFO method $ [3) Whlch Inventory cost ow method Is most Ilkelyto approximate actual phySIcal ow of the FIFO method : goods? [4} How much additional cash will be available for management under LIFO than under Fl FD? 15 [5} How much of the gross prot under Fl F0 is illusory in comparison with the gross prot under $ LIFO