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An excerpt from the balance sheet of Knight Inc. is as follows: Dec 31, 2018 Dec 31, 2012 Inventory $ 32,000,000 $ 35,000,000 In the notes to the financial statements, Knight Inc's Inventory Footnote appeared as follows: "The Inventory numbers presented on the balance sheet are compiled on a LIFO basis. Under the LIFO method, the cost assigned to items sold is based on the cost of the most recent items purchased. As a result, the costs of the first items purchased remain in inventory and are used to value ending Inventory The excess of estimated current costs over LIFO carrying value, or LIFO reserve, was $12,000,000 and $17.000.000, respectively." Assume that Kright Inc. paid corporate income tax at a rate of 20% in all years since the firm began operations if Knight Inc. had applied FIFO since its inception, what would have been the firm's ending inventory on Dec. 31. 2019? $12,000,000 None of other answer choices is correct O $52,000,000 $17.000.000 2M Inc, manufactures N95 masks. In the wake of the pandemic, 2M anticipated a surge in demand and signed a purchase commitment on June 30, 2020 that requires 2M to purchase 1,000 feet of polypropylene (raw materials) at $10 per feet on March 31, 2021. On December 31, 2020 (year- end), prevailing market price per feet was $11 due to higher demand than expected. However, on March 31, 2021, prevailing market price per feet declined to $5 due to successful vaccines. By how much did this purchase commitment affect net income of 2020 and 2021? (ignore taxes) Increase by $1,000 for 2020 / Decrease by $5,000 for 2021 No effect for 2020 / Decrease by $5.000 for 2021 No effect for both 2020 and 2021 None of other answer choices is correct Altira Corporation provides the following information related to its merchandise inventory during the month of August 2018: Aug 1: Inventory on hand 8,000 units; cost $6.30 cach Aug. 8: Purchased 3,000 units for $7 each. Aug 14: Sold 4,000 units for $13.00 each Aug 18: Purchased 7,500 units for $8 cach. Aug 25: Sold 5,500 units for $12.00 each Aug 31: Inventory on hand - 9,000 units. By how much are the cost of goods sold higher using LIFO than using FIFO in its August 31, 2018. Assume Altira uses a periodic inventory system, O $13,100 lower under LIFO than under FIFO None of other answer choices is correct $9,100 higher under LIFO than under FIFO $13.100 higher under LIFO than under FIFO