EcoWave Inc. recorded the following transactions during April:

Date	Description	Units	Unit Cost	Total Cost
Apr. 1	Beginning Inventory	150	$40	$6,000
Apr. 5	Purchase	300	$42	$12,600
Apr. 12	Sale	350	-	-
Apr. 18	Purchase	200	$45	$9,000
Apr. 25	Sale	250	-	-
Apr. 30	Purchase	400	$48	$19,200

Required:

1. Calculate the ending inventory and cost of goods sold (COGS) using FIFO and LIFO methods.
2. Prepare the journal entries for the purchases and sales during April.
3. Determine the gross profit for the month.
4. Discuss how FIFO vs. LIFO affects the company’s financial statements and tax liability.