Use the following information to answer questions 1-3. Assume Bell-Ann Bats sells one type of baseball bat and the following inventory information is available for the month of March, 2021: March 1, 2021 (beginning inventory) March 5, 2021 March 19, 2021 March 25, 2021 Purchases 2,000 @ $20 = $40,000 800 @ $22 = $17,600 500 @ $21 = $10,500 Sales 2,900 @ $46 $133,400 1. Using the FIFO method, what would be Bell-Ann's Cost of Goods Sold for March? 2. Using the LIFO method, what would be the Cost of Goods Sold for March? 3. Using the weighted average cost method, what would be the company's Gross Profit for March? 4. Tanner, Inc. values its inventory at the lower of cost or net realizable value. On December 31, 2021, Tanner compiled the following information related to the inventory balance of Product A, an item the company sells. Historical cost of Product A Net realizable value of Product A $2,300 $1,900 What would be the amount reported as Inventory on Tanner's 2021 financial statements for Product A? Prepare the journal entry needed to ensure the inventory is reported at the correct amount. If no journal entry is needed, put "no entry needed."