Cookie Co. uses the periodic inventory method. They started the year with beginning inventory of 130 units which had a unit cost of $5. The following inventory information was also available for the year ended December 31, 2021: 15-Jan Sales Units 90 Unit Cost 20-Jan Purchase 200 $4.75 20-May Sales 150 25-Jul Purchase 100 $4.50 21-Sep Sales 150 20-Oct Purchase 250 $4.00 The selling price of each unit was $6.50. Required: a. Answer the following independent questions and show computations supporting your answers. Assume that the company uses the FIFO method. Calculate the cost of goods sold and the value of the ending inventory at December 31, 2021. 5) b. Assume that the company uses the average cost method. Calculate the cost of goods sold and the value of the ending inventory at December 31, 2021. :) Page 3 Question 2 (cont'd) C. d. e. Assume that the company uses the LIFO method. Calculate the cost of goods sold and the value of the ending inventory at December 31, 2021. Prepare an income statement through to Gross Profit under each of the three (3) inventory costing methods. State which method is likely to be preferred for tax purposes, and why