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2. Jupiter company sold 20,000 crates of a soft drink at Rupees 120 during the year. Its beginning inventory consisted of 1000 crates at 70 per crate. The following purchases were made during the year: 5000 Crates at the rate Rupees 75,8000 crates at the rate Rupees 76,9000 crates at the rate Rupees 80 . Operating expenses were 365,000 . Income tax is payable at 30%. Required: a) Compute the net profit using FIFO and LIFO methods. Is the differences in profit under the two methods can be distributed as dividends justify your answer? b) Which method LIFO or FIFO is applicable in India? c) Suppose the company makes a purchase of 4000 crates at Rupees 85 on the last day of the reporting period. How the purchase does affects the company net profit and income tax expenses under the two methods? (14)