Name 1. Ace Company uses the perm inventory method and had the following inventory information available Units Unit Cost Total Cost 1/1 Beginning Inventory 200 $3 300 $4 500 $7 300 $8 $600 1,200 3,500 2.400 57,700 1/20 Purchase 7/25 Purchase 10/20 Purchase 1,300 A physical count of inventory on December 31 revealed that there were 400 units on hand. Instructions Answer the following independent questions and show computations supporting your answers. a. Assume the company uses the FIFO method. Calculate the value of the ending inventory at 12/31 b. Assume the company uses the LIFO method. Calculate the Cost of Goods Sold. 2. Inventory presented below for AC Co. and cost of goods sold calculations under the FIFO and LIFO methods of inventory valuation are This company has a tax rate of 40%. FIFO 120,000 100,000 LIFO Ending inventory Cost of goods sold s 750,000 $ 770,000 Use the data above to answer the Following Questions. SHOW YOUR WORK. a. Assume Sales for the company total $1,000,000, determine the difference in the amount of Gross Profit the company would report if it uses FIFO instead of LIFO How much additional cash would be available if the company used LIFO instead of FIFO? Page1