Pool Corporation, Inc., reported in its recent annual report that in 2010, our industry experienced some price deflation. In 2011, our industry experienced more normalized price inflation of approximately 2.7% overall despite price deflation for certain chemical products." This suggests that in some years Pool's overall Inventory costs rise, and in some years they fall. Furthermore, in many years, the costs of some inventory items rise while others fallAssume that Pool has only two product items in its inventory this year. Purchase and sales data are presented below. Inventory Item A Inventory Iten D Transaction Units Unit Cont Units Unit Cost Beginning inventory 110 $6.70 110 $6.70 Purchases, February 150 8.70 150 5.70 Purchases, March 16 170 9.70 3.70 Sales, April 28 280 280 170 - Required: 1. Compute cost of goods sold for each of the two items separately using the FIFO and LIFO inventory costing methods. 2. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute cost of goods sold for each of the two items separately using the FIFO and LIFO inventory costing methods. FIFO LIFO Item A Item B Reque Required 2 >