Blue Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: Cost of Goods Sold Units Cost Total Date Oct. 2 15 Units 9,000 15,000 Purchases Cost Total $13 $117.000 17 255,000 Units 9,000 [1] [ [3] Ending Inventory Cost Total $13 $117,000 [2] [4] [5] 29 22.400 [6] [7] [8] [91 [10] [11] [12] [13] The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula. FIFO $558,000 Average $558,000 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense (30%) Net income 202.000 202.000 Date Oct. 2 Purchases Units Cost Total 9.000 $13 $117.000 Cost of Goods Sold Cost Units Total Uni 15 15,000 17 255,000 29 22.400 ost of Goods Sold t Ending Inventory Total Units Cost Total 9,000 $13 $117.000 $