units of inventory cost per unit cost of inventory Dec 2019 Mar 2020 Nov 2020 200 100 300 18 3000 1800 6000 A firm sells t-shirts. The firm's fiscal year coincides with the calendar year so the December 2019 inventory is the initial inventory for the 2020 fiscal year. I. Calculate cost of goods sold, gross profits and final inventory for 2020 using LIFO and FIFO. The firm sells 400 units for $30 per unit. II. If other operating expenses were $2,000 and the tax rate is 30% provide the income statement for FIFO and LIFO for the 2020 fiscal year. II. Assume the firm uses FIFO but concludes at the end of 2020 that the net realizable value for the inventory is $2,500. Record the journal entry for this event. Do not assume that this has happened in the subsequent problems