The following information is for Francis Inc. Units Price/Unit Total 10/1 Balance Purchases 2.00 $2.00 $400 6-Oct 500 $2.10 $1, 050 13-Oct 600 $2.30 $1, 380 18-Oct 200 $2.40 $480 22-Oct 900 $2.60 &2, 340 Available for sale 2, 400 $5, 650 Sales 7-Oct 400 $4.10 $1, 640.00 14-oct 700 $4.30 $3, 010.00 19-oct 300 $4.50 $1, 350.00 23-Oct 400 $4.60 $1, 840.00 29-Oct 100 $4.80 $480.00 Total Sales 1, 900 $8, 320 Required Assume Francis uses the periodic inventory cost method. Calculate the cost of goods sold and the ending inventory balances using the FlFO, LIFO, and Weighted Average methods. Which of the following methods will result in the lowest net income? Why might some firms prefer to use this method and reduce their net income? Assume Francis uses the perpetual costing method. Calculate the cost of goods sold and the ending inventory balances using the FIFO, LIFO, and Moving Average methods