The following data are available for Gallup for the fiscal year ended on January 31, 20X1: Sales Beginning inventory Purchases, In chronological order. 1,600 units 500 units @ $4 600 units @ $5 800 units @ $6 400 units @ $8 Required: a. Calculate cost of goods sold and ending inventory under the following cost-flow assumptions (using a periodic inventory system): 1. FIFO. 2. LIFO. b. Assume that the sales price of the units is $15/unit and operating expenses are $9,500 (ignore income taxes). Prepare an income statement that shows 20X1 amounts for the FIFO method in one column, the LIFO method in another column, Include the following line items in the income statement: Sales, Cost of Goods Sold, Gross Profit, Operating Expenses, and Income from Operations. c. Compare the Income from Operations and the ending inventory amounts that would be reported under the two methods. Explain the similarities and differences. d. Which inventory costing method may be preferred by Gallup for income tax purposes? Explain