Scott Paper company provided the following information regarding its inventory for the Assume that the retail price for the September 1 sale to customers was $80 per unit. Required: 1. Assume the Scott Paper company has adopted the FIFO cost flow assumption for its inventory. Determine Scott's cost of goods sold for the units sold September 1 and the value of the ending inventory. 2. Assume Scott has adopted the average cost method instead of FIFO. Determine Scott's cost of goods sold for the units sold September 1 and the value of the ending inventory. 3. Briefly comment on how Scott could have two completely different numbers for cost of goods sold and for inventory under parts (1) and (2). 4. Which cost flow assumption would lead to the higher measure of gross profit for Scott on the September 1 sales? Why? 5. Assume that in October, the inventory declines in value by $15,000 due to changes in customer preferences. Provide the adjusting entry that Scott's accountants would have to make to account for this fact