In 20X1, Felix Company had sales revenues of $160m (20m units@ $8), all in cash. The beginning of the year inventory value was $40m(8m units@\$5). Purchase during the year was $96m (16m units@ \$6). Assume 40% income tax rate. Based on the above information, answer the following questions: 1. What is the ending inventory value for 201 under 1) FIFO method and 2) LIFO method? 2. What is the Cost of Goods Sold for 20X1 under 1) FIFO method and 2) LIFO method? 3. What is the difference in tax expense for 201 between the LIFO and FIFO methods? Which method leads to higher taxes for 201 ? 4. What is the difference in net income for 201 between the LIFO and FIFO methods? Which method leads to higher net income for 201