QUESTION 2 (13 marks) The following information is available for the month of April. The company uses the perpetual inventory method. April 1 inventory balance 220 units @ $8.00 each April 10 purchase-- 600 units at $8.20 each April 20 sales- 310 units at $15.00 each April 22 sale- 430 units at $15.00 each April 25 purchase- 310 units at $8.60 each Required: Compute the cost of Goods Sold and the value of Ending Inventory under: a) First-In, First-Out (FIFO) method. (5 marks) b) Last-In, First-Out (LIFO) method. (4 marks) c) What is the effect on Net Income is the ending inventory is overstated? (2 marks) d) Which of the two methods (FIFO or LIFO) is subjected to pay higher company profit tax? Explain why? (2 marks)