The following information is available concerning the inventory of Carter Inc.: Units Unit Cost 206 $9 Beginning inventory Purchases: March 5 305 10 June 12 403 11 August 23 255 12 October 2 152 14 During the year, Carter sold 1,001 units. 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 Assumption Ending Inventory Cost of Goods Sold a. Weighted average b. FIFO $ C. LIFO 2. 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? Difference in taxes under FIFO VS. LIFO