Part 5: Inventory (30 points) Minitruck Co. uses the periodic inventory system. The following information about their inventory of Model Phoenix pickup truck is available: Cost per Unit Transaction Number of Units Date S30,000 S31,000 S32,000 $35,000 1/1 Beginning Inventory 4/12 Purchase 7/8 Purchase 9/22 Purchase 10 15 During the year, 30 pickup trucks were sold at a price of $40,500 each. Other operating expenses equaled $50,000 and their tax rate is 30%. There are no non-operating income/expenses or extraordinary items. Round final answers to the nearest dollar. 1. What were 1) ending inventory (in dollar amount) on 12/31,2) cost of goods sold (in dollar amount) for the year under the FIFO cost flow assumption? (12 points) 2. What were 1) ending inventory (in dollar amount) on 12/31, 2) cost of goods sold (in dollar amount) for the year under the LIFO cost flow assumption? (12 points) 3. Which inventory method (FIFO or LIFO) will save more tax for the company? How much can be saved? (6 points)