Chapter 6: In-class problem : Show me your work. The following data was obtained from the records of Liz Artists, Inc., for the current year. Round all calculations to two decimal places. Sales during the year were 400 units. The selling price is $20 per piece. Jan. 1 February 1 April 1 July 1 Beginning Inventory 100 units at $10 Purchase 200 units at $12 Purchase 100 units at $14 Purchase 60 units at $16 Required: 1. Calculate the cost of the ending inventory using: a. FIFO. b. LIFO. c. Weighted average cost. 2. Calculate the Cost of goods sold by: a. FIFO. b. LIFO. c. Weighted average cost. 3. Assume that tax rate is 40%. How much taxes can be saved by using LIFO over FIFO? 4. Calculate gross margin percentage under each cost flow assumption. a. FIFO. b. LIFO. c. Weighted average cost