In 20X1, Felix Company had sales revenues of S80m (10 million units at $8), all in cash. The beginning of the year inventory value was $20m (4 million units at $5). Purchase during the year was $48m (8 million units at $6). Assume 40% Income tax rate. Based on the above information, answer the following questions.

1. What is the ending inventory value for 20X1 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 20X1 between the LIFO and FIFO methods? Which method leads to higher taxes for 20X1?

4. What is the difference in net income for 20X1 between the LIFO and FIFO methods? Which method leads to higher net income for 20X1?