Inventory Costing Methods-Periodic System The following information is available concerning the inventory of Carter Inc.: Units Unit Cost 193 $10 Beginning inventory Purchases: March 5 297 11 June 12 398 12 251 13 153 15 August 23 October 2 During the year, Carter sold 994 units. It uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for each of the following three methods: In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the n Cost Flow Assumption Ending Inventory Cost of Goods Sold a. Weighted average b. FIFO C. LIFO 2. Assume an estimated tax rate of 30%. How much more or less (indicate which will Carter pay in taxes by using FIFO instead Difference in taxes under FIFO VS. LIFO More 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 Weighted average