Answer the questions in the image below, all parts(1),(2) and (3) in B.

currenty uses FIFO to accounting for inventory, Below are a summary of the transactions for the yely Price per Cumulative COGS Ending Units$5,00 Units PurchasesEIEO) Inventory 7,000 11,000 $22,000 6,000 1,500 9,500 48,000 Jan 1 Beginning Inventory $35,000 7,000 ,000 (5,000) 4500) 8,000 5.500) (3,500) Feb Purchase 5.50 ($25,000) 3350 Mar Sale Apr Sale May Purchase June Sale $6.00 July Sale (21,000) 625 3,8001 500 5,500 August Purchase 5,000$6.25 1.250 Sept Sale Oct Sale (1.700) 1 800) 3,800 4,800) 2,000 Nov Purchase Dec Sale $6.25 5,800 23,750 30,000 Dec 31 125,000 250 B(2) The company currently uses FIFO to account for inventory. However, given the adjusted balance of cost of goods sold above and a computed balance of cost of goods sold under the LIFO method of $120,000, what would be the effect on the company's net income if LIFO was used to account for inventory? C. Silver Tone Partners, Inc. has a cash receipts clerk who will fil in for the receptionist on a regular basis. Normally the receptionist would collect the mail, which includes customer payments, and record the payments in the payments journal, as appropriate, and get the funds ready for deposit One week the receptionist was on vacation and the cash receipts clerk filled in at the front desk. The clerk didn't log any of the customer payments in the payments journal. The that they recelived past due notices but their checks had already been cashed so they didn't understand. The cash receipts clerk quit without notice and no one understood what had occurred. Explain whether this situation posed an ethical issue and how it could expose the primary stakeholders of the company following week the receptionist returned from vacation. The next day numerous customers began to call the company stating