inc Accounting yufters completes an inventory count at month's end showing a Ending Inventory of 125 units. Inventory Valuation Daisy Invepfory items sell for $30 each. The company maintains a periodic inventory system. Units Unit Cost Total Cost Date May I May 3Purchase May 19 Purchases Beginning inventory S14.85 485 100 150 200 175 S1523 2,24.5 $16.00 |$.200 S16.20 2,835 May 28 Purchases TOTAL 4,804.5 What is the Goods Available for Sale? o25 units and s 9,&0d 600 nits . 500 units sold How many units were sold during the month? GAS das units EI 2 S u Use the FIFO cost flow method for the following questions: i. What is the value of the ending inventory? S What is COGS for this period? $ GAS. S 9,8H : . El s 3,3 So G.A.S. $ -unOSH-Cost of Goods Sold - s La 05A Cost of Goods Sold iii. What is the gross profit for the period? Sales Revenue $ COGS $ -$ Gross Profit Use the LIFO cost flow method for the following questions: iv. What is the value of the ending inventory?s What is COGS for this period? S v. vi. What is the gross profit for the period? s a) Which method results in a higher cost of goods sold? Explain why. b) Which method results in a higher gross profit? e) Which method will lead to higher taxes? Respond to the following after completing requirements for the FIFO and LIFO methods