Problem 6-04A a-b (Part Level Submission) The management of Sheridan 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 Purchase s and Sales Beginning (6,000 units) Ending (13,000 units) $24,000 Total net sales (183,000 units) Total cost of goods purchased (190,000 units) $1,125,450 846,000 Purchases were made quarterly as follows Quarter Units Unit Cost Total Cost $4.20 $210,000 174,000 180,000 282,000 $846,000 50,000 40,000 40,000 60,000 190,000 4.35 4.50 4.70 2 4 Operating expenses were $125,000, and the company's income tax rate is 40%