The following data are taken from the records of Eastern Produce Inc. for the month of January 2017, Goods available for sale Sales Unit cost $5 $4 S3 $2 $1 Unit sell Units 25 15 10 35 40 Units price Purchase #1 Purchase #2 Purchase #3 Purchase #4 Purchase #5 Sale #1 Sale #2 Sale #3 30 20 50 $6 $4 $2 There was no inventory on hand at January 1. All 100 units sold were sold on December 31. Required. 1. Calculate the amount of inventory at the end of January assuming 2. How would the ending inventory differ if the weighted average cost 3. Calculate the amount of gross profit under each of the above that inventory cost is calculated using FIFO method is used? costing methods. Which method matches inventory costs more closely with revenues? Why? 4. Would more income tax be payable under the FIFO or weighted average method in a period of rising prices? Explain why