PART III-INVENTORY (25 points) Fleet Feet Inc. has the following information relating to its inventory: Jan 1 Beginning Inventory April 1 Purchase Sept. 1 Purchase 100 units at $12 $ 1200 75 units at $13 $ 975 50 units at $15 225 units $ 750 $ 2925 The company had 80 units in ending inventory at the end of the year. 1. What inventory method should Fleet Feet select if it wants to show the highest net income? Explain your answer! 2. How much should Fleet Feet report as its cost of goods sold assuming it uses the LIFO cost method? 3. On which financial statement and in what account should Fleet Feet report the cost of inventory that was sold this period? 4. How much should Fleet Feet report as its ending inventory assuming it uses the FIFO cost method? 5. On which financial statement should Fleet Feet report the cost of inventory that is unsold at the end of the period