Please answer part E-L thank you

P9-4 LTM Enterprises is a distributor of high-tech archaeological tools. Information relaties one of its inventory items for 2003 indicates should LTM do under generally accepted accounting principles? Explain. CISES. PROBLEMS IN Rased on the information for and we negative aspects Total Com that Cost per Unit $30 34 36 5.000 20.000 17.000 2.000 612 76. 38 $1 SIR.DK Beginning inventory 216 Purchase 7/18 Purchase 10/20 Purchase Goodsailable for sale 40.000 on December 31, 203, LTM had 3,00 units of the item on hand. During 2003, LTM - Compute the value of the ending inventory at December 31, 2003, under FIFO, LIRO, Required: and average cost flow assumptions. LTM uses the periodic method of inventory vale ation. Compute the gross profit generated during 2003 using FIFO and LIFO. cCompute the grous profit percentage generated during 2003 using FIFO and LIFO. dName a practical reason for LTM to use FIFO. e Name a practical reason for LTM to use LIFO. E. IF LTM were considering a switch from FIFO to LIFO, it would have to be concerned with the LIFO conformity rule. Explain. & Assume LTM uses LIFO and the same number of units were sold. Would the com- pany benefit from purchasing 1,000 units at a cost of $40 each on December 31, 2003 Explain. h. Would your answer to part (g) be the same if LTM used FIFO? Explain. i IF LTM decides to switch from average cost to FIFO, assuming the cost behavior pat- terns in evidence during the year, would its income be higher or lower than if it had stayed with average cost? Explain. i Assume LTM was required to make a lower of cost or market adjustment of S4,000 to its year-end inventory. Prepare journal entries showing two alternative approaches k Would the entries made in part (1) result in any differences in LTM's income state- ment for 2003 Explain. for this write-down. RA E