Please help, I am completely lost on this problem! Any assistance would help. This is all the information that I have been provided. Thank you!

Problem 12-93A Accounting Alternatives and Financial Analysis Lemon Automobiles has asked your bank for a $100,000 loan to expand its sales facility. Lemon provides you with the following data: 2019 $6,100,000 119,000 665,000 5,370,000 1,240,000 2018 2017 Sales revenue Net income Ending inventory (FIFO)* Purchases Depreciable assets $5,800,000 112,000 600,000 5,105,000 1,150,000 S5,400,000 106,000 500,000 4,860,000 1,090,000 The 2016 ending inventory was $470,000 (FIFO) Your inspection of the financial statements of other automobiles sales firms indicates that most of these firms adopted the LIFO method in the late 1970s. You further note that Lemon has used 5% of depreciable asset cost when computing depreciation expense and that other automobile dealers use 10%. Assume that Lemon's effective tax rate is 25% of income before tax. Also assume the following 2019 2018 2017 Ending inventory (LIFO)* $508,000 495,000 $480,000 * The 2016 ending inventory was $470,000 (LIFO) Required 1. Compute cost of goods sold for 2017-2019, using both the FIFO and the LIFO methods Cost of Goods Sold Year 2017 2018 2019 2. Compute depreciation expense for Lemon for 2017-2019, using both 596 and 10% of the cost of depreciable assets FIFO Method LIFO Method 124,000 X 115,000 X 109,000 X 62,000X 57,500X 54,500X Depreciation Expense 10% 124,000 X 115,000 109,000 X 5% 62,000X 57,500 54,500 X Year 2017 2018 2019 3. Recompute Lemon's net income for 2017-2019, using LIFO and 10% depreciation. (Don't forget the tax impact of the increases in cost of goods sold and depreciation expense.) Net income 2017 2018 2019 4. Conceptual Connection: Has Lemon appeared to materially changed its financial statements by the selection of FIFO (rather than LIFO) and 5% (rather than 10%) depreciation? Yes 319,500 X 446,250X 475,500 X