only need (b) #4

Question 4 of 6 0.92/13 Show Attempt History Current Attempt in Progress The management of Felipe Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is verage cost. The company requests your help in determining the results of operations for 2022 i either the FIFO or the LIFO method hud been used. For 2022. the accounting records show these data: Inventories Purchases and Sales Beginning (7.000 units) $14,000 Total net sales (180,000 units) $747.000 Ending (17.000 units) Total cost of goods purchased (190.000 units) 466,000 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 1 50,000 $2.20 $110,000 2 40.000 2.35 94,000 3 40.000 2.50 100,000 4 60.000 2.70 162.000 190.000 $466,000 Operating expenses were $130,000, and the company's income tax rate is 40% ? 75F Mostly doudy Your answer is partially correct. Answer the following questions for management (1) Which cost flow method (FIFO or LIFO) produces the more meaningful inventory amount for the balance sheet? Which cost flow method (FIFO or LIFO) produces the more meaningful net income? FIFO method (2) LIFO method (3) FIFO method Which cost flow method (FIFO or LIFO) is more likely to approximate the actual physical flow of goods? How much more cash will be available for management under LIFO than under FIFO? $ 5100 (5) Will gross profit under the average-cost method be higher or lower than FIFO? Lower Higher Will gross profit under the average cost method be higher or lower than LIFO? Assistance Used e Textbook and Media Attempts: 1 of 3 used Submit Answer Save for Later Last saved 5 days ago Saved work will be auto submitted on the due date. Auto- mission can take up to 10 minutes. 75F Mostly cloud