An analyst gathered the following information about a company for a fiscal year: Quarter Purchases Cost per Purchases in Units Unit in Dollars Q1 100 Q2 200 Q3 300 $12.00 $1,200 $14.00 $2,800 $16.00 $4,800 $18.00 $7,200 $16,000 Q4 400 FY total 1,000 Beginning Inventory 200 $10.00 $2,000 Ending Inventory under FIFO periodic is closest to: $3,600 $2,800 $2,000 O No answer text provided. Five years ago your firm bought a machine: it cost is $55,000, the expected salvage value at acquisition was $5,000 and the expected life was 10 years. You have been using the Straight Line method of depreciation. You sell it today for $25,000. The tax implication is You can report a loss on the sale. You must report a gain on the sale Since depreciation is a non cash item there is no tax implication. O No answer text provided. On April 1, 2018 a firm bought a $25,000 asset with an expected life of 5 years. The asset was placed into service on July 1st, 2018. The estimated salvage value used was $5,000. The firm uses straight-line depreciation for reporting and for tax. The fiscal year is the same as the calendar year. The firm sold the asset in the spring of 2020 for $8,000. As a result of the sale, they will: report a loss of $11,000 have a depreciation recapture tax credit report a loss of $9,000 report a loss of $7,000