At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at \$16 per unit: Required: 1a. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO. LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 16. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase 2a. Between FIFO and LIFO, which method would result in the higher pretax income? 2b. Between FFO and LIFO, which would result in the higher EPS? 3. Between FFO and L.FO, which method would result in the lower income tax expense? Assume a 20 percent average tax rate. 4. Between FIFO and LIFO, which method would produce the more favorable cash flow? Complete this question by entering your answers in the tabs below. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the lanuary 12 parchase. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. Between FIFO and LIFO, which method would result in the higher pretax income? Between FIFO and LIFO, which would result in the higher EPS? tween FIFO and LIFO, which method would result in the lower income tax expense? Assume a 20 percent average tax rat Between FIFO and LIFO, which method would produce the more favorable cash flow