Tompkins Company reports the following Inventory record for November: INVENTORY Date Activity # of Units Cost/Unit November 1 Beginning balance 135 $17 November 4 Purchase 315 18 November 7 210 Sale (@ $59 per unit) November 13 Purchase 540 20 November 22 Sale (@ $59 per unit) 555 Selling, administrative, and depreciation expenses for the month were $15,400. Tompkins's effective tax rate is 30 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 $1770 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 Required 1 Required 2 > Required 1 Required 2 Required 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 $17.70 per unit, what would Tompkins report on the balance sheet for inventory? Cost of ending inventory