Tompkins Company reports the following inventory record for November: Cost/Unit Date November 1 November 4 INVENTORY Activity Beginning balance Purchase $16 # of Units 140 335 225 17 November 7 Sale (@ $51 per unit) 19 November 13 November 22 Purchase Sale (@ $51 per unit) 540 565 Selling, administrative, and depreciation expenses for the month were $14,300. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $17.30 per unit, what would Tompkins report on the balance sheet for inventory? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: (Do not round intermediate calculations.) Ending Inventory Cost of Goods Sold a. First-in, first-out b. Last-in, first out C. Weighted average