Exercise E-6 (Algo) Understand the effects of switching from LIFO to FIFO (LO E-3) [The following information applies to the questions displayed below.] During 2024, Noval Company sells 232 units of inventory for $100 each. The company has the following inventory purchase transactions for 2024. Date January 1 April 7 Transaction Beginning inventory Purchase October 9 Purchase Number of Unit Total Units Cost Cost 51 $64 $3,264 171 66 11,286. 71 68 4,828 293 $19,378 Exercise E-6 (Algo) Part 1 Required: 1. Calculate ending inventory, cost of goods sold, and gross profit for 2024, assuming the company uses LIFO with a periodic inventory system. (Input all values as positive values.) LIFO Beginning Inventory Purchases: April 07 October 09 Total Sales revenue Gross profit Cost of Goods Available for Sale Cost of Goods Sold Number of Units Unit Total Cost Cost Number of Units Unit Total Cost Cost Number of Units Ending Inventory Unit Cost Total Cost $ 0 $ 0 $ 0 Exercise E-6 (Algo) Part 2 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 2024. (Input all values as positive values.) Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory FIFO Number of Units Unit Total Number of Unit Total Number of Cost Cost Units Cost Cost Units Unit Cost Total Cost Beginning Inventory Purchases: April 07 October 09 Total S 0 $ 0 $ 0 Sales revenue Gross profit Exercise E-6 (Algo) Part 3 . 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 FIFO will result in income. assets.