Wilson shows the following inventory activity (in chronological order). The company uses the net price method for purchases, but the amounts shown below are the gross prices. All purchases are made with terms of 2/10, n/30. The selling price per unit is $7. Other operating expenses are $20 and the tax rate is 30 percent. Activity Number of Units Gross Purchase Price Beginning balance 11 $4 Sale Purchase $4.50 Sale Sale Purchase $5.00 Sale Required: Determine cost of goods sold, gross margin net income, and ending inventory using FIFO. Then, repeat using LIFO