Lynbrook, Inc. has recently decided to diversity its business by selling cases of paper to supplement their IT services business. As the Controller of Lynbrook, Inc. you need to determine the inventory costing method that will be used to record inventory transactions. Lynbrook began 2020 with 8,000 cases of paper. The cost of each case is $6. Merchandise transactions for the month of January 2020 are as follows: Purchases Date of Purchase Cases Cost/case Jan. 10 Total Cost $ 32,000 90,000 $122,000 4,000 $8 9,000 $ 10 13,000 Sales (sales price $15 per case) Jan. 18 Totals Date of Sale Cases Jan. 5 5,000 Jan. 12 6,000 Jan. 20 9,000 20,000 Total 1,000 units were on hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives (prepare your solution based on the format used in the Review Problem located on pages 330-332): A. FIFO, perpetual system B.LIFO, perpetual system C. Average cost, perpetual system (round to two decimals, if needed) 2. After your analysis, you recommended that Lynbrook use the FIFO inventory costing method. Prepare the journal entries to record the purchases and sales (Sales Revenue and Cost of Goods Sold) of inventory during January 2020. All sales were "on account. Reminder: Continue using the excel HW policies for preparing and printing your solutions to the above questions, including the standard four line heading