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The management of Crane Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2020, the accounting records provide the following data.

Inventory, January 1 (11,000units)$47,300

Cost of100,000units purchased492,000

Selling price of84,000units sold735,000

Operating expenses140,000

Units purchased consisted of35,000units at $4.70on May 10;35,000units at $4.90on August 15; and30,000units at $5.20on November 20. Income taxes are30%.

CRANE CO. V Condensed Income Statement For the Year Ended December 31, 2020 FIFO LIFO Sales Revenue $ 735000 735000 Cost of Goods Sold V V Beginning Inventory 47300 47300 Cost of Goods Purchased 492000 492000 Cost of Goods Available for Sale + 539300 539300 X X Ending Inventory X X Cost of Goods Sold X X Gross Profit / (Loss) V Operating Expenses 140000 140000 X X Income before Income Taxes X X Income Tax Expense X EX Net Income / (Loss)Your answer is partially correct. Try again. Answer the following questions for management. (1) Which inventory cost flow method produces the most meaningful V inventory amount for the balance sheet? FIFO method (2) Which inventory cost flow method produces the most meaningful net V income? LIFO method (3) Which inventory cost flow method is most likely to approximate actual V physical flow of the goods? FIFO method (4) How much additional cash will be available for management under LIFO X than under FIFO? How much of the gross profit under FIFO is illusory in comparison with X (5) the gross profit under LIFO? LA Click if you would like to Show Work for this question: Open Show Work