You are the Chief Financial Officer for McGarry Inc. Your board of directors have asked you to come prepared to tomorrows board meeting ready to present the following. You have been instructed by the Board to use the information in the chart below to answer the following. Use the information in the chart below to answer the following questions. 1. Assume 120 units were sold at $120 each and operating expenses totaled $15,000. Using the LIFO (last in, first out) inventory valuation methodology, calculate the cost allocated to cost of goods sold (COGS), ending Inventory and operating income utilizing the outline below. Jan 1 Beg inventory Feb 1 Purchase #1 Mar 1 Purchase #2 40 units @ $40 per unit 60 units @ $60 per unit 80 units @ $80 per unit = $ 1,600 3,600 6,400 LIFO COGS ENDING INVENTORY OPERATING INCOME