HF210: Chapter 7 (Inventory Valuation): Oasis Pastry Shop has the following purchasing and sales records for the month of September. Please help the shop owner to find cost of goods sold and gross profit for 2 cases by using 1) FIFO 2) LIFO 3) Weighted Average methods. Explain which method could save income tax expense Case#1 Date Transaction Unit Cost ()Price(S) Beg. Invento 15 S40 2-Sep Purchase 45 3-Sep Sales 8 4- $70 Purchase5 48 Purchase 50 Sales 80 Purchasc 10 52 Sales 90 20-SepPurchase 20 55 Sales 120 30 Purchase 58 Case #2 Date TransactionUnit Cost (S)Price(S) Beg. Inver IS58 2-Sep Purchase1055 3-S 4-S Sales Purchase5 52 Purchase 50 $70 8-Sep 15 18 Sales 80 Purchasc 10 48 Sales 90 Purchase 20 5 Sales 120 30 Purchase 40