Below are the sales and inventory for the month of November 2023:

(please note: inventory starts off with 100 units at a cost of $4.00 each)

What is the entry to adjust the inventory under each method and how does each Method Change the Net Income or loss of the company?

\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & & WGT & & & FIFO & & & LIFO & \\ \hline ENDING INVENTORY & UNITS & COST & TOTAL & UNITS & COST & TOTAL & UNITS & COST & TOTAL \\ \hline \begin{tabular}{l} COST OF GOODS \\ SOLD \end{tabular} & & & & & & & & & \\ \hline \end{tabular} PUT THE RESULTS IN THE BELOW TABLE ASSUMING EXPENSES ARE \$2300.00 AND TAX RATE IS 21 PERCENT SALES COGS GM LIFO EXPENSES NET INCOME TAXES (21 PERCENT) OPERATING PROFIT