Calculate cost of goods sold and ending inventory at December 31, 2016 under the following methods. Round all computations to the nearest $.01. Assume Smith Supply uses a perpetual inventory system. FIFO Weighted Average Assume the opening inventory was valued at $7.60 a unit under FIFO and $7.70 a unit under weighted average. Calculate cost of goods sold and ending inventory at December 31, 2016 under the periodic UFO method. Assume the opening inventory was valued at $7.80 a unit. Calculate the inventory turnover ratio for 2016 under each of the three methods. Explain the intuition behind the differences. In this situation, which inventory method would the managers of Smith Supply, Inc. choose for income tax purposes? Explain why