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Red eBook Show Me How Print Item Question Content Area Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: jan. 1 Inventory 16 units at $50 Feb. 17 Purchase 9 units at $51 Jul 21 Purchase 14 units at $53 Nov. 23 Purchase 19 units at $55 There are 16 units of the item in the physical inventory at December 31. The periodic Inventory system is used, Round average unit cost to the nearest cent and ina answers to the nearest whole dollar, if required a. Determine the inventory cost by the first-In, first-out method b. Determine the inventory cost by the fast in first-out method. c. Determine the inventory cost by the weighted average cost method, Book Print Item Question Content Area Comparing Inventory Methods Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results, a. In each dropdown that follows, select the correct sign (less than ( ), or equal (=)] for each comparison, assuming periods of rising prices 1. FIFO Inventory LIFO inventory 2. FIFO cost of goods sold LIFO cost of goods sold 3. FIFO net income LIFO net income LIFO income taxes b. Why would management prefer to use LIFO over FIFO in periods of rising prices? 1. Income shown on the company's tax return would be lower if LIFO rather than FIFO is used. 2. Income shown on the company's tax return would be higher if LIFO rather than FIFO is used, 3. Cost of goods sold shown on the company's income statement would be lower if LIFO rather than FIFO is used. 4. Dividends shown on the company's financial statements would be higher if LIFO rather than FIFO is used. 4. FIFO income taxes