So I'm really struggling with how to do problems involving FIFO and LIFO and was wondering if someone could help me out with this problem and explain the steps along the way.

PRACTICE CASE lnventories and cost of goods sold (LG 3-5) Medical Style December 1, 2011, to sell nursing uniforms. Medical Style Company had the foillowing tracsactions during the month of December 2011 was ineorporaed o 2011 Purchased 50 nursing uniforms on account from Hospital Supply Company at $38 Sold 35 uniforms at $52 each for cash. each, Dec. /10, 4 Returned 5 defective uniforms to Hospital Supply Company for full credit Paid the balance due Hospital Supply Company. Purchased 70 uniforms on account from Hospital Supply Company at $40 each, terms ni3o. 22 Sold 74 uniforms at $60 each for cash. 11 16 31 31 REQUIRED Purchased 50 uniforms on account from Hospital Supply Company at $45 each, terms n/3o Operating expenses for the month of December totaled $750. A physical count revealed that 56 uniforms were on hand at the end of the month. uming that Medical Style Company uses the periodic inventory system, prepare an income statement for the month ended December 31, 2011, using (a) the FIFO cost flow assumption and (b) the LIFO cost flow assumption. The income tax rate is 30%. 1. Ass 2. Assuming that Medical Style Company uses the perpetual inventory system, prepare an 3. Briefly explain why the periodic and perpetual inventory systems may yield the same or 4. Assuming that a periodic inventory system is used, which inventory cost flow assumption income statement for the month ended December 31, 2011, using (a) the FIFO cost flow assumption and (b) the LIFO cost flow assumption. different results for cost of goods sold for (a) the FIFO cost flow assumption and (b) the LIFO cost flow assumption. would you recommend if the president of the business, Marge Berkel, desired a. to report the highest amount of net income? b. to show inventory on the balance sheet at relatively current values? e. to report the largest amount of owners' equity? d. to pay the smallest amount of personal income taxes