Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Date April 6 May 18 June 6 July 10 August 10 October 25 November 4 December 10 Units Purchased 31,000 33,000 40,000 40,000 27,200 12,800 8,000 8,000 200,000 Unit Cost $36.60 39.00 39.60 42.00 42.75 43.50 44.85 48.00 Total Cost $1,134,600 1,287,000 1,584,000 1,680,000 1,162,800 556,800 358,800 384,000 $8.148,000 Sales: April May June July August September October November December Total units Total sales 16,000 units 16,000 20,000 24,000 28,000 28,000 18,000 10,000 8,000 168,000 $10,000,000 The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31, using perpetual inventory. Discuss how you would advise Ms. Kilmer about what inventory method to select, based on the data above, comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the company's financial statements