Inventory Costing Methods-Periodic System The following information is available concerning the inventory of Carter Inc.: Units Unit Cost 200 $10 Beginning inventory Purchases: March 5 300 11 June 12 400 12 August 23 250 13 October 2 150 15 During the year, Carter sold 1,000 units. It uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for each of the following three methods: Cost Flow Assumption Ending Inventory Cost of Goods Sold a. Weighted average $ 1,300 x 15,600 X b. FIFO $ 300 $ 3,600 x c. LIFO 3,600 x $ 12,000 X 2. Assume an estimated tax rate of 30%. How much more or less (indicate which) will Carter pay in taxes by using FIFO instead of LIFO? Difference in taxes under FIFO vs. LIFO $ 11,400 x Less X Does this amount represent more or less taxes paid using FIFO? 3. Assume that Carter prepares its financial statements in accordance with IFRS. Which costing method should it use to pay the least amount of taxes? LIFO X