The following information is available concerning the inventory of Carter Inc.:

UnitsUnit CostBeginning inventory197$10Purchases:March 530111June 1239512August 2325113October 215015During the year, Carter sold 991 units. It uses a periodic inventory system.

Required:

1.Calculate ending inventory and cost of goods sold for each of the following three methods:

In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.Cost Flow AssumptionEnding InventoryCost of Goods Solda.Weighted average$$b.FIFO$$c.LIFO$$ (find ending inventory and Cost of Goods Sold)

Assume an estimated tax rate of 30%. How much more or less (indicate which) will Carter pay in taxes by using FIFO instead of LIFO? Round your answer to the nearest dollar.

Difference in taxes under FIFO vs. LIFO$Does this amount represent more or less taxes paid using FIFO