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(5) Requirements: Determine the cost of Goods Sold as well as the cost of Ending Inventory for each year using each of the following methods: (a) Average Cost: (b) First In, First Out; and (c) Last In, First Out. Assuming that the company originally used FIFO costing, determine if tax savings will be realized if a switch is made from FIFO to LIFO. How much tax savings will be realized for each of the three years, if any? Assume 30% tax rate. ZIP Corporation had traditionally used the FIFO method of inventory valuation. You are given the following information on transactions affecting ZIP's inventory account: 1995 Beginning Balance Purchases 7,500 cases @ P 24.50 500 cases @ 25.00 1.500 cases @ 28.25 1,500 cases @ 24.75 3.500 cases @ 29.00 12,500 cases @ 35.75 Sales 1996 Beginning Balance Purchases 2.000 cases 3.500 cases @ 28.75 5,500 cases @ 27.75 4,000 cases @ 30.75 5,000 cases @ 26.00 2,500 cases @ 27.50 15,500 cases @ 38.50 Sales 1997 Beginning Balance Purchases 7,000 cases 10,000 cases @ 35.75 500 cases @ 37.75 7.500 cases @ 34.50 8,500 cases @31.25 9.500 cases @ 32.50 300 cases @ 35.05 5,500 cases @ 37.75 20,000 cases @ 40.00 Sales