Oxendine Company's inventory records for the month of November reveal the following Units Unit Cost $18.00 $18.50 $42.00 $18.90 $19.00 $42.50 $19.20 $43.00 200 Inventory, November 1 November 4, purchase November 7, sale November 13, purchase November 18, purchase November 22, sale November 24, purchase November 28, sale Selling and administrative expenses for the month were $10,800. Depreciation expense was $4,000 250 300 220 150 380 200 110 Oxendine's tax rate is 35% Requirement: 1. Calculate the cost of goods sold and ending under each of the three following methods assuming a perpetual inventory system (a) FIFO and (b) weighted average Calculate the gross profit and net income under each costing assumption Under which costing method will Oxendine pay the least taxes? Explain answer (Marks: 5+5-10) (Marks: 4) (Marks: 2) 2. 3