Question 3 Flying Tomato sells a snowboard. 1il'tl'hiteD ut, that is popular with snowboard enthusiasts. Presented below is information relating to Flying Tomato's purchases of WhiteCIIut snowboards during September. During the same month, 121 WhiteDut snowboards were sold at $1MI each. Flying Tomato uses a periodic inventory system. Date Explanation m Unit lCost Total Cost Sept. 1 fnventory 25 $ l $ 2.5130 Sept. 12 Purchases 4S IDE- 4.??D Sept. 1'3 Purchases 24 1112) 2.15%! Sept. 2E Purchases 112 5 f! Totals m $ 15.510 Instructions: (a) Compute the ending inventory at September 3D and cost of goods sotd using the FlFCI and LIFO methods. Prove the amount allocated to cost of goods sold under each method. (b) For both FIFJlClI and LlFD, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method? {c} What is gross profit under each method? (d) Which method results in a larger amount reported for assets on the balance sheet? Which results in a larger amount reported for owner's equity on the balance sheet