Mileage Maxine, sells truck tires. Business operations started on April 1, 2020. Max uses the Perpetual inventory System. Max has the following inventory data for its warehouse for April 2020 3205 Date Transaction 1 Apr Beginning inventory Purchases 15-Apr Purchase 22-Apr Sale 23-Apr Purchase 30 Apr Sale 1) Calculate Cost of Goods Sold expense and Ending Inventory (asse Sdollar amounts using the following inventory CostFlow Assumptions (Note: Show Calculations, please al First in First Out (FFO) b) Last in First Out (LIFO) c) Weighted Average Note: Max has the following Adjusted Trial Balance for the month ended April 30, 2020 with Inventory (asset) and Cost of Goods Sold (expense) missing ALIN Accounts Receivable Inventory Fquipment Accumulated Depreciation Accounts Payable Common Stock Retained Eaming Dends Sales Revenue Cost of Goods Sold Wages Expense Depreciation Expense Other Les Totais 20,000 4.000 421,000 2) Prepare three possible Income Statements for Mileage Max, Inc. using the Adj. Trial Balance above and a) FIFO Cost of Good Sold from Step 1. b) LIFO Cost of Goods Sold from Step 1. c) Weighted Average cost of Goods Sold from Step 1. 3) Calculate Ending Retained Earnings for Mileage Max, Inc. (use the Adjusted Trial Balance) for these three alternatives: a FIFO is used to account for inventory UFO is used to account for inventory c) Weighted Average is used to account for inventory 4 Complete Max's Accounting Equation (A-LOE) on April 30, 2020 using the Adjusted Trial Balance above Ending Retained Earnings from step, and the following al Use FIFO Ending Inventory from Step 1. Use UFO Ending Inventory from Step 1. c) Use Weighted Average Ending Inventory from Step 1. 5) you were the Chief Executive Officer (CEO) of Mileage Max, Ine.. which Inventory Cost Flow Assumption would you use? Briefly explain why Use your completed work on this project to support your