I just need an answer for question #7 based on what this company is selling, which is Lava lamps.

Thank you.

Trippy corporation sells lava lamps. The following details Trippy Corporation's inventory and sale records for the month of October 2020 Date Transaction # of Units Per Unit Total Oct. 1 Inventory Begg, Balance 8,000 50 400,000 5 Purchase 25,000 55 1,375,000 8 Sale 15.000 150 2.250.000 10 Purchase 55.000 55 3,025,000 16 Sale 30,000 150 4,500,000 20 Purchase 45.000 60 2,700,000 24 Sale 30,000 4,500,000 28 Purchase 10,000 65 650,000 31 Sale 25,000 150 3,750,000 150 1) What is Trippy Corporation's ending inventory using FIFO? (15 points) 2) What is Trippy Corporation's Cost of Goods Sold using FIFO? (15 points) 3) Which Method would provide a higher Cost of Goods Sold, FIFO or LIFO? (15 points) 4) Which Method would provide a higher ending inventory, FIFO or LIFO? (15 points) 5) Trippy corporation sends lava lamps to a distributor in China on FOB Destination shipping terms. The shipment gets lost at sea by the sea carrier (Sealand Freight) on the way to China. Is Trippy corporation liable for the lost freight? Explain your answer. (20 points) 6) Journalize the following transactions using Taccounts 10/1/20 - Bought merchandise from Tito Co., $13,650, FOB destination, 2/10,n30. 10/3/20 - Paid Shipping charges of $375 relating to the 12/1/19 purchase 10/11/20 Paid Tito Co. for inv Dec ! 7) Pretend you are writing to the board of directors a recommendation on whether to use FIFO or LIFO. Write a short synopsis on which one should be use based on the dynamics of your business. (Make up the hypothetical as you feel fit...2 well written paragraphs)