Required information TThe foliowing information applies to the questions displayed below] You have been given responsibility for overseeing a bank's small business loans division. The bank has included loan covenants requiting a minimum curent ratio of 120 in all small business loans. When you ask which inventory costing method the covenant assumes, the previous loans manager gives you a blank look. To explain to him that a company's inventory costing method is important, you present the following balance sheet information. You ask the formet foans manager to find amounts for (c),(b),(c) and (c) assuming the company began the year with 4 units of imventory at a unit cost of $13, then purchased 7 units at a cost of $17 each, and finally purchased 4 units at a cost of $21 each. A yeatend inventory count determined that 2 tinits are on hand. Required: You ask the former loans manager to find amounts for (a), (b), (c), and (d) assuming the comp: units of inventory at a unit cost of $13, then purchased 7 units at a cost of $17 each, and final of $21 each. A year-end inventory count determined that 2 units are on hand. Required: 1. Determine the amount for (a) using FIFO, and then calculate (b) through (d). 2. Determine the amount for (a) using Weighted Average, and then calculate (b) through (d). 3. Determine the amount for (a) using LIFO, and then calculate (b) through (d). 4. Determine the current ratios using (h) FFF, (ii) Weighted Average, and (iii) LIFO. (Round your answers to 2 decimal places. 5. Determine whether the company would be in violation or compliance with the loan covenant if the company were to use () FIFO, (i) Weighted Average, and (iii) LIFO