LO5.6.7 Problem 5-13A Inventory Costing Methods-ren Following is an inventory acquisition schedule for Fees Corp. for 2017 Units Unit Cost 4,000 $20 Beginning inventory Purchases: February 4 2,000 April 12 3,000 September 10 1,000 December 5 2,500 During the year, Fees sold 11,000 units at $30 each. All expenses except cost of goods sold and taxes amounted to $60,000. The tax rate is 30%. Required 1. Compute cost of goods sold and ending inventory under each of the following three meth ods assuming a periodic inventory system: (a) weighted average, (b) FIFO, and (c) LIFO. 2. Prepare income statements under each of the three methods. 3. Which method do you recommend so that Fees pays the least amount of taxes during 2017 Explain your answer. 4. Fees anticipates that unit costs for inventory will increase throughout 2018. Will Fees be able to switch from the method you recommended that it use in 2017 to another method to take advantage of the increase in prices for tax purposes? Explain your