During 2018, Noval Company sells 252 units of inventory for $100 each. The company has the following inventory purchase transactions for 2018 Date Jan. 1 Beginning inventory Apr. 7 Purchase Oct. 9 Purchase Transaction Number of Units Unit Cost Total Cost $74$4,514 13,756 6,318 61 181 81 76 78 323 $ 24,588 value 1.00 points Required 1. Calculate ending inventory, cost of goods sold, and gross profit for 2018, assuming the company uses LIFO with a periodic inventory system LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of Unit Total Cost of Units Cost Number Unit Total Cost of Units Number Unit Cost Total Cost Units Cost Beginning Invento Purchases Apr 07 Oct 09 Total Sales revenue Gross profit 2. To comply with IFRS, the company decides to instead account for inventory using FIFO. Calculate ending inventory, cost of goods sold, and gross profit for 2018 Cost of Goods Sold Ending Inventory FIFO Cost of Goods Available for Sale rofUnit Total Cost of Unit Total Cost of Units st Number Number Unit Cost Total Cost Units Cost Beginning Invento Purchases Apr 07 Oct 09 Total Sales revenue Gross profit 3. What would be the effects in the company's income statement and balance sheet of using FIFO instead of LIFO to account for inventory FIFO will result in ncome FIFO will result in assets