P6-1 The following sales and purchases of the same product were made during 2019 at Yang Corporation. The opening inventory consisted of 50 units at $1 each. Purchases Sales $ per Total Units unit Units $ Apr. 15 Purch. #1 200 $2 Apr. 25 Sale #1* $250 Oct. 15 Purch. #2 600 $5 Oct. 25 Sale #2** $500 *for specific identification, sold 50 units of opening inventory and 200 units of purchase #1 **for specific identification, sold 500 units of purchase #2 Required: 1. Calculate cost of goods sold and the cost of ending inventory under each of FIFO, LIFO, specific identification, and weighted average inventory cost flow assumptions. Set up a table as follows: Purchased Sold Balance in inventory Unit Total Total Unit Total Units cost $ Units cost $ Units cost $ $1 $50 Date Unit 50 2. Prepare calculations comparing the effect on gross profit of the four inventory cost flow assumptions. 3. The president wants to maximize the company's net income this year. What would you suggest that is in accordance with GAAP