Between FIFO and LIFO, which method is preferable in terms of $(a)$ net income and $(b)$ income taxes paid $($cash flow$)?$

Between FIFO and LIFO, which method is preferable in terms of $($a$)$ net income and $(b)$ income taxes paid $($cash flow$),$ assuming that prices were falling?

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Req $1$ a

Req $1b$

Req $2$

Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

Note: Do not round your intermediate calculations. Round your final answers to the nearest whole dollar amount.

$\backslash$table$[[$Cost of Goods Sold,Inventory Costing Method$],[$Units$,$FIFO,LIFO,Average Cost$],[$Beginning inventory,,,,$],[$Purchases$,,,,],[$Goods available for sale,$0,0,0,0],[$Ending inventory,,,,$],[$Cost of goods sold,,,,$]]$