Needles Co. begins operations in January, 2010 as a retailer of widgets. Its purchases and sales during the first quarter of 2010 are as below: January 1: Purchases 2 widgets for $100 each. January 15: Purchases 1 widget for $200. February 1: Purchases 1 widget for $300. March 1: Sells 3 widgets for $400 each. The firm faces a tax rate of 30%. Assume the firm has no expenses other than cost of goods sold and taxes. Required: 1. What is Needles Co.s net income, ending inventory and tax expense for the quarter if it uses the weighted average cost method to value inventory? 2. What is Needles Co.s net income, ending inventory and tax expense for the quarter if it uses the FIFO method to value inventory? 3. What is Needles Co.s net income, ending inventory and tax expense for the quarter if it uses the LIFO method to value inventory