Problem 5-12 Inventory Costing Methods-Periodic System LO5. 6. 7 Oxendine Company's inventory records for the month of November reveal the following: Show me how Inventory, November 200 units @ $18.00 1 November 4, purchase 250 units @ $18.50 November 7, sale 300 units @ $42.00 November 13, 220 units @ $18.90 purchase November 18, 150 units @ $19.00 purchase November 22, sale 380 units @ $42.50 November 24, 200 units @ $19.20 purchase November 28, sale 110 units @ $43.00 Selling and administrative expenses for the month were $10,800. Depreciation expense was $4,000. Oxendine's tax rate is 35%. Required 1. Calculate the cost of goods sold and ending inventory under each of the following three methods assuming a periodic inventory system: (a) FIFO, (b) LIFO, and (c) weighted average. 2. Calculate the gross profit and net income under each costing assumption. 3. Under which costing method will Oxendine pay the least taxes? Explain your answer. 4. Assume that Oxendine prepares its financial statements in accordance with IFRS. Which costing method should the company use to pay the least amount of taxes? IFRS Explain your