given the info from photo #1 need help filling out the correct line item name and values in photo 2 and the corrext values at the end of photo 3. thank you

CALCULATOR PRINTER VERSION BACK NEXT Problem 6-04A a-b The management of Swifty Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2020 if either the FIFO or the LIFO method had been used. For 2020, the accounting records show these data: Inventories Purchases and Sales $8,000 Beginning (4,000 units) Ending (14,000 units) Total net sales (180,000 units) Total cost of goods purchased (190,000 units) $747,000 466,000 Purchases were made quarterly as follows Quarter Units Unit Cost Total Cost 50,000 40,000 40,000 60,000 190,000 $2.20 2.35 2.50 2.70 $110,000 94,000 100,000 162,000 $466,000 Operating expenses were $135,000, and the company's income tax rate is 40% SWIFTY INC. Condensed Income Statements For the Year Ended December 31, 2020 FIFO LIFO T Beginning Inventory Your answer is partially correct. Try again. Answer the following questions for management. (1) Which cost flow method (FIFO or LIFO) produces the more meaningful inventory amount for the balance sheet? FIFO method (2) Which cost flow method (FIFO or LIFO) produces the more meaningful net income? LIFO method (3) Which cost flow method (FIFO or LIFO) is more likely to approximate the actual physical flow of goods? FIFO method (4) How much more cash will be available for management under LIFO than under FIFO7 (5) Will gross profit under the average-cost method be higher or lower than FIFO? T Lower : Wil gross profit under the average-cost method be higher or lower than LIFO? T Higher : Click if you would like to Show Work for this question: Open Show Work