please help with the attached.

Betty's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Betty's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Betty's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $96 $ 2,496 Sept. 12 Purchases 45 104 4,680 Sept. 19 Purchases 20 106 2,120 Sept. 26 Purchases 50 107 5,350 Totals 141 $14,646 Your answer is correct. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 2140 1920 Cost of goods sold 12506 12726 LINK TO TEXT x Your answer is incorrect. Try again. For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods soldThe management of Swifty Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2020 if either the FIFO or the LIFO method had been used. For 2020, the accounting records show these data: Inventories Purchases and Sales Beginning (4,000 units) $8,000 Total net sales (180,000 units) $747,000 Ending (14,000 units) Total cost of goods purchased (190,000 units) 466,000 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 50,000 $2.20 $110,000 40,000 2.35 94,000 10,00 2.50 100,000 60,000 2.70 162,000 190,000 $466,000 Operating expenses were $135,000, and the company's income tax rate is 40%. 9 e W X SWIFTY INC. Condensed Income Statements FIFO LIFO LINK TO TEXT Answer the following questions for management. (1) Which cost flow method (FIFO or LIFO) produces the more meaningful inventory amount for the balance sheet? (2) Which cost flow method (FIFO or LIFO) produces the more meaningful net income? (3) Which cost flow method (FIFO or LIFO) is more likely to approximate the actual physical flow of goods? (4) How much more cash will be available for management under LIFO than under FIFO? (5) Will gross profit under the average-cost method be higher or lower than FIFO? Will gross profit under the average-cost method be higher or lower than LIFO?You are provided with the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,200 liters at a cost of 704 per liter. March 3 Purchased 2,500 liters at a cost of 74 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 81 per liter. March 20 Purchased 2,300 liters at a cost of 89c per liter. March 30 Sold 5,200 liters for $1.25 per liter. e FE W X (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification FIFO LIFO LINK TO TEXT Prepare partial income statements for 2020 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20. (2) FIFO (3) LIFO SWIFTY INC. Income Statement (partial) Specific Identification FIFO LIFO $ $ $The management of Sunland Co. asks your help ln determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2020, the accounting records provide the following data. Inventory, January 1 (13,000 units) $53,300 Cost of 100,000 units purchased 472,000 Selling pnce of 84,000 units sold 735,000 Operating expenses 140,000 Units purchased consisted of35,000 unim at $4.50 on May 10; 35,000 units at $4.?0 on August 15; and 30,000 units at $5.00 on November 20. Income taxes are 30%. SU N LAND CD. Condensed Income Statement LIFO v Eli $ V V V V V V V V V V V 9a $ LINK TO TEXT Answer the following questlons for management. (1) which inventory cost flow method produces the most meaningful inventory amount for the balance sheet? v (2) which inventory cost flow method produces the most meaningful net income? v (3) which inventory costflow method is most likely to approximate actual physical ow of the goods? v {4) How much additional cash will be available for management under LIFO than under FIFO? 1; {5) How much of the gross prot under FIFO is illusory in comparison with the gross prot under LIFO? $ Irish Company uses the periodic inventory method and had the following inventoryr information available: llniIS Unit Cost Total Cost 1,.I'1 Beginning Inventoryr 100 UZU Purchase 400 7,125 Purchase 200 10,:r 20 Purchase 300 1,000 A physical count of inventory on December 31 revealed that there were 480 units on hand. Answer the following independent questions. 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is 2. Assume that the company uses the AverageCost method. The value of the ending inventory on December 31 is 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is 4. (a) Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. $5 $6 $7 $8 4. {0) Would income have been greater or less? $500 2,400 1,400 2,400 $5,700 $ Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.34 Purchases: September 8 450 3.50 September 18 350 3.70 A physical inventory on September 30 shows 200 units on hand. Calculate the value of the ending inventory and cost of goods sold if the company uses weighted average inventory costing and a periodic inventory system. ( Round cost per unit to 2 decimal places and ending inventory and cost of goods sold to the nearest dollar.) Ending inventory $ Cost of goods sold $