Practice Problem 10-3 Mani Company has been using the periodic system and WAC for its inventory valuation for many years. Unit prices went up markedly in recent weeks. It is Dec. 29, 2018, and Mani is deciding if they should order 1,000 units of inventory for $60/unit immediately and beat the next rise in prices, or delay the purchase until Jan. 2, 2019. Mani's net income is exactly what the stock market expects, and therefore Mani is under great pressure to increase measured profits for 2018. Its inventory account on Dec. 29 prior to the purchase decision reveals the following: Practice Problem 10-3, cont. Units Cost per Unit Inventory, Dec 28, 2018 1,000 $50.00 Purchases 10,000 $50.00 Sales 11,000 $65.00 If Mani desires to meet 2018 profits expectations, should it receive shipment of inventory on Dec. 29 or Jan. 2? Justify your answer with numerical evidence showing the differences in net incomes and inventory valuations under the 2 scenarios. What if Mani used FIFO? 49 50