You are the Controller of a regional grocery store chain that has had steady growth over the past ten years. The prior Controller had changed the inventory method from FIFO to LIFO, ten years ago and the company has been doing well over the years. As you are approaching year end closing, the President of company came into your office after attending a business luncheon where the speaker had mentioned switching from LIFO method of inventory to the FIFO method to increase net income. He has asked to do a preliminary comparison of what this year's net income would be under the two methods. You identify the following: Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 8000 4000 6400 3000 6000 4500 3400 Total 66300 Complete the following: Sales CGS: LIFO LIFO LAYERS Average LAYER Unit Cost $ Quantity 50000 13750 18600 20000 5000 6000 Gross Profit A. 23,468 B. 12,138,972 C. 33.243.655 2.5 2.75 3.1 3.3 26400 3.8 15200 4.2 26880 5.1 15300 6.25 37500 6.9 31050 7.4 25160 259840 Beginning Inv. Purchases Cost of Goods Available for Sale less Ending Inv. CGS: LIFO Cumulative Ending Inventory D. 12,369,752 E. 26,317,308 F. 490.620 50000 63750 82350 108750 123950 150830 166130 203630 234680 259840 FIFO 2021 2021 38,456,280 38,456,280 26,553,680 26,553,680 26,577,148 26,577,148 H. 259,840 1. 6,436,662 J. 12.138.972 K. 26,086,528 L 592,344 M. Some other number