llowing Simans Co. uses a periodic inventory system. The purchases of a particular product during the year are shown below: Beginnimg imventory... 400 units @ 600 units 700 units S 8.00 $10.00 12.00 $14.00 am. Apr. 18Purchase Aug. 11Purchase Oct. 23 Purchase 300 units @ The number of units sold during the year was 1,500. Each unit was sold for $20. 1. Refer to the above data. Compute the cost of goods sold for the current year based on the LIFQ method of imventory valuation. 2. Refer to the above data Compute the cost of the ending mventory based on the LIFQ method of inventory valuation. 3. Refer to the above data. Compute the cost of goods sold for the current year based on the FIFQ method of inventory 4. Refer to the above data. Compute the cost of the endmg inventory based on the FIFQ method of inventory valuation. 5. Refer to the above data. Compute the cost of goods sold based on the average-cost method of inventory valuation. 6. Refer to the above data. Compute the gross profit for the current year based on the LIFQ method of inventory valuation. 7. Refer to the above data Compute the gross profit for the current year based on the FIFOmethod of inventory valuation. valuation. 8. Which of the following results in the cost of goods sold being stated at the most current acquisition costs? a. Average cost b. FIFO c. LIFO d. Specific identification e. None of the above 9. During a period of falling prices, which of the following methods is likely to result in reporting the lowest income tax expense? a. Average cost b. FIFO c. LIFO d. Specific identification e. None of the above