Three: (8 Points): SUN Company made the following merchandise purchases during the month of November: November 3 Beginning Inventory 30 units at $10 each. November 8 Purchased 40 units at $16 each November 20 Purchased 10 units at $21 each November 27 Purchased 50 units at $25 each November 30 Sold 100 units at a selling price per unit of $28. The operating expenses totaled $150 and the income tax rate is 25%. Required: 1. Determine the ending inventory and cost of goods sold amounts for November under the: A. First-in, first-out (FIFO) method B. Last-in, first-out (LIFO) method C. Weighted Average method 2. Explain why cost of goods sold is lower under FIFO method. 3. Prepare the income statement for June, if the company uses FIFO method for Inventory. 4. Show the value of the inventory in the Balance Sheet if the company uses FIFO method for Inventory