Inventory Costing MethodsPeriodic System Following is an inventory acquisition schedule for Weaver Corp. for 2017: Units Unit Cost Beginning inventory 5,000 $10 Purchase: 3,000 9 February 4 April 12 4,000 8 2,000 7 September 10 December 5 1,000 6 During the year, Weaver sold 12,500 units at $12 each. All expenses except cost of goods sold and taxes amounted to $20,000. The tax rate is 30%. Required: 1. Compute cost of goods sold and ending inventory under each of the following three methods assuming a periodic inventory system: Inventory Costing Method Ending Inventory Cost of Goods Sold Weighted average FIFO LIFO 2. Prepare income statements under each of the three methods. Weaver Corp. Income Statement For the Year Ended December 31, 2017 Weighted Average FIFO LIFO 3. Which method do you recommend so that Weaver pays the least amount of taxes during 2017? 4. If Weaver anticipates that unit costs for inventory will increase throughout 2018, will it be able to switch from your recommended method for 2017 to another method in 2018 to lower its taxes