Gerald D. Englehart Company has the following inventory, purchases and sales data for the month of March. Inventory: March 1 300 units @ $ 5.00 Purchases: March 10 400 units @ $ 5.50 March 20 300 units @ $ 6.00 March 29 200 units @ $ 7.00 Sales: March 30 700 units The physical inventory count on March 31 shows 500 units on hand. The operating expenses totaled $855 and the tax rate is 25%, and the selling price per unit $ 10. Required: 1-Under a periodic inventory system, determine the cost of ending inventory and the cost of goods sold for March under a) FIFO b) LIFO c) Weighted average 2-Prepare the income statement if the company uses FIFO method. 3-Show the effect on the Balance Sheet if the company uses Weighted average method. The