Sirmans Co, uses a periodic inventory system. the purchases of a particular product during the year are shown below: The number of units sold during the year was 1, 500. Each unit was sold for $20. Refer to the above data. Compute the cost of goods sold for the current year based on the LIFO method of inventory valuation. Refer to the above data. Compute the cost of the ending inventory based on the LIFO method of inventory valuation. Refer to the above data. Compute the cost of goods sold for the current year based on the FIFO method of inventory valuation. Refer to the above data. Compute the cost of the ending inventory based on the FIFO method of inventory valuation. Refer to the above data. Compute the gross profit for the current year based on the LIFO method of inventory valuation. Refer the above data. Compute the gross profit for the current year based on the FIFO method of inventory valuation. Which of the following results in the cost of goods sold being stated at the most current acquisition costs? a. Average cost b. FIFO c. LIFO d. Specific identification e. Nome of the above During a period of falling pierces, which of the following methods is likely to result in reporting the lowest income tax. a. Average cost b. FIFO c. LIFO d. Specifies identification e. None of the above