The management of Felipe Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average- cost. The company requests your help in determining the results of operations for 2020 if either the FIFO or the LIFO method had been used. For 2020, the accounting records show these data: Inventories Beginning (7,000 units) Ending ( 17,000 units) $ 14,000 Purchases and Sales Total net sales ( 180,000 units) Total cost of goods purchased (190,000 units) $ 747.000 466,000 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 1 50.000 $ 220 $ 110,000 2 40,000 2.35 94.000 3 40,000 2.50 100,000 4 60,000 2.70 162,000 190,000 $ 466,000