Can you help with the following questions and provide the breakout calculations?

Calculating the Value of Ending Inventory and Cost of Goods Sold: LowerofCostorMarket Method The following inventory data is taken from the financial records of Fernandez, Inc., a personal computer software manufacturer. No. of Units Unit Cost Total Cost Beginning inventory (Jan. 1) Purchases: May 5 160,000 $1.00 $160,000 60,000 1.50 90,000 60,000 Sept.3 Total available for sale Less: Sales* Ending inventory (Dec. 31) 120,000 2.00 280,000 $370,000 250,000 ? 30,000 ? Expected replacement cost per unit 1.40 No. of Sales Units Sold for the year Feb. 3 120,000 Jun. 30 30,000 Oct. 5 100,000 250,000 Required 1. Complete the following table. Round all answers to the nearest whole number. Assume that any LCM inventory adjustments are not recorded in Cost of Goods Sold. Periodic Method Ending Inventory Answer Ending Inventory Cost of Goods Sold Answer Answer 0 Answer b. LIFO c. Weighted-average* Cost of Goods Sold Answer a. FIFO Perpetual Answer Answer Answer 0 Answer Answer 0 0 0 Answer Answer 0 0 0 Periodic Method Ending Inventory Perpetual Cost of Goods Sold Ending Inventory Cost of Goods Sold *Do not round until your final answers. 2. Which inventory method would you recommend that Fernandez, Inc., use for income tax purposes? Answer 3. Which method would you recommend that Fernandez, Inc., use for accounting purposes if the company operates in a highly inflationary environment? Answer 4. Which method would you recommend that Fernandez, Inc., use for accounting purposes if the company operates in a deflationary environment? Answer Inventory Valuation and Earnings Dominick Portet Wines Inc. began operations to import fine wines from Australia to the United States. Sales and purchase information is provided below. Year 1 Units Year 2 $ Units Year 3 $ Sales 170 220 Purchases 250 @ $10 200 @ $8 80 @ $10 60 @ $1 0 LIFO ending inventory Units $ 300 ? @ 15 Assume that Portet Wines uses the LIFO method of inventory valuation. The purchase amount for Year 3 has been left blank because Portet Wines has not yet decided the total number of units to purchase during the year. (Assume that all sales occur on the last day of the year, after all purchases for the year have been made. The company's yearend is December 31.) Required 1. How many units should be purchased in Year 3 if the firm's objective is to maximize reported income for the year? Answer 0 2. Compute the cost of goods sold for Year 3 assuming the number of units computed in (1) is purchased. $Answer 0 3. How many units should be purchased in Year 3 if the firm's objective is to minimize income taxes for the year? Answer 0 4. Compute the cost of goods sold for Year 3 assuming the number of units computed in (3) is purchased. $Answer 0 5. Assume Portet Wines uses FIFO instead of LIFO and the company purchased just enough units to meet sales demand. What would the cost of goods sold be in Year 3? Assume that FIFO ending inventory is equal to 80 units at $10 in Year 1 and 60 units at $8 in Year 2. $Answer 0