use the information to answer the questions below

1. what should be recorded to COGS for the year if they use LIFO?

2. what should be recorded to COGS for the year if they use average cost method?

3. what debit or credit is required to the inventory account if they switch from LIFO to average cost method?

Acme Inc. uses the periodic inventory system. During its first year of operations, 2019, Acme made the following purchases: 40 units at $ 100 per unit 70 units at $ 80 per unit 150 units at $ 40 per unit A physical count of inventory on December 31, 2019, revealed 10 units remained unsold at the end of the year. What should be recorded to cost of good sold for the year if Acme uses the LIFO method? Question 6 (2 points) What should be recorded to cost of good sold for 2019 if Acme uses the average cost method? Question 7 (2 points) What debit or credit is required to the inventory account on January 1, 2020, if Acme chooses to switch from LIFO method to Average Cost method in 2020?! (Use the calculations you did in question 5 and 6 above to help you. If the answer is a debit, use a positive amount; if a credit, state a negative amount; if no entry is required, enter zero as your answer.)