Pool Corporation, Incorporated, reported in its recent annual report that "In 2010, our industry experie 2011, our industry experienced more normalized price inflation of approximately 2.6 percent overall de chemical products." This suggests that in some years Pool's overall inventory costs rise, and in some y many years, the costs of some inventory items rise while others fall. Assume that Pool has only two pro year. Purchase and sales data are presented below. Transaction Inventory Item A Inventory Item B Units Unit Cost Units Unit Cost Beginning inventory 100 $ 6.6 100 $ 6.6 Purchases, February 7 140 8.6 140 Purchases, March 16 160 9.6 160 5.6 3.6 Sales, April 28 270 270 Required: 1. Compute cost of goods sold for each of the two items separately using the FIFO and LIFO inventory co 2. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes pa 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 Item A Item B FIFO LIFO Required 2 >