The management of Concord Corporation asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2020, the accounting records provide the following data. Inventory, January 1 (6,500 units) $29,250 Cost of 65,000 units purchased 345,800 Selling price of 52,000 units sold 455,000 Operating expenses 145,000 Units purchased consisted of 22,750 units at $5.10 on May 10; 22,750 units at $5.30 on August 15; and 19,500 units at $5.60 on November 20. Income taxes are 30%. (b) Answer the following questions for management. Which inventory cost flow method produces the most meaningful inventory amount for the balance sheet? (1) (2) Which inventory cost flow method produces the most meaningful net income? FIFO method (3) Which inventory cost flow method is most likely to approximate actual physical flow of the goods? (4) How much additional cash will be available for management under LIFO than under FIFO? $ (5) How much of the gross profit under FIFO is illusory in comparison with the gross profit under LIFO? $