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Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: a LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginn second sale was selected from the January 12 purchase. (Round unit price to 2 decimal places. Input all amounts \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{ LIFO } & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } \\ \hline & NumberofUnits & Cost per Unit & CostofGoodsAvailableforSale & NumberofUnitsSold & Cost per Unit & CostofGoodsSold \\ \hline \multicolumn{7}{|l|}{ Beginning inventory } \\ \hline \multicolumn{7}{|l|}{ Purchases: } \\ \hline \multicolumn{7}{|l|}{ January 12} \\ \hline \multicolumn{7}{|l|}{ January 26} \\ \hline Total & & & & 0 & & \\ \hline \multirow[t]{2}{*}{ Specific Identification } & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } \\ \hline & NumberofUnits & Cost per Unit & CostofGoodsAvailableforSale & NumberofUnitsSold & Cost per Unit & CostofGoodsSold \\ \hline \multicolumn{7}{|l|}{ Beginning inventory } \\ \hline \multicolumn{7}{|l|}{ Purchases: } \\ \hline \multicolumn{7}{|l|}{ January 12} \\ \hline \multicolumn{7}{|l|}{ January 26} \\ \hline Total & & & $ & 0 & & $ \\ \hline \end{tabular} Required 1B Complete this question by entering your answers in the tabs below. Between FIFO and LIFO, which method would result in the lower income tax expense? Assume a 20 percent average tax rate. (Round your answer to 2 decimal places.) Complete this question by entering your answers in the tabs below. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. (Round the average cost per unit value to 2 decimal places. Round the final value to nearest whole dollar.) Complete this question by entering your answers in the tabs below. Between FIFO and LIFO, which would result in the higher EPS? 3. Between FIFO and LIFO, which method would result in the lower income tax expense? Assume a 20 percent average tax rate 4. Between FIFO and LIFO, which method would produce the more favorable cash flow? Complete this question by entering your answers in the tabs below. Between FIFO and LIFO, which method would result in the higher pretax income? 3. Between FIFO and LIFO, which method would result in the lower income tax expense? Assume a 20 percent average tax rate 4. Between FIFO and LIFO, which method would produce the more favorable cash flow? Complete this question by entering your answers in the tabs below. Between FIFO and LIFO, which method would produce the more favorable cash flow? P7-3 (Algo) Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow L07-2, 7-3 At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $16.80 per unit: Required: 1a. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 1b. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 2a. Between FIFO and LIFO, which method would result in the higher pretax income? 2b. Between FIFO and LIFO, which would result in the higher EPS? 3. Between FIFO and LIFO, which method would result in the lower income tax expense? Assume a 20 percent average tax rate. 4. Between FIFO and LIFO, which method would produce the more favorable cash flow