eBook Units Unit COSE 200 $10 300 11 Beginning inventory Purchases: March 5 June 12 August 23 October 2 400 12 250 13 150 15 During the year, Corter sold 1,000 units. It uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for each of the following three methods: Cost of Gopds Sold a. Weighted average Cost Flow Assumption Ending Inventory b. FIFO C. LIFO 2. Assume an estimated tax rate or 30. How much more or less (indicate which will Carter pay in taxes by using FIFO instead of LIFO? Difference in taxes under FIFO vs. LIFO Does this amount represent more or less taxes paid using FIFO? 3. Assume that Carter prepares its financial statements in accordance with IFRS. Which costing method should it use to pay the least amount of taxes? Check My Work D ES o 1:56