Inventory flows for R. Sloan Retailing for 2022 are as follows: (20 Points) Beginning inventory* FIFO...

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Inventory flows for R. Sloan Retailing for 2022 are as follows: (20 Points) Beginning inventory* FIFO 12/31/21 # of units Unit Cost/Sales 10,000 $200 OR LIFO 12/31/21 Year 1998 layer 1 4,000 $80 Year 2000 layer 2 6,000 $120 Purchases: 1/3/22 4,000 $220 7/7/22 6,000 $260 11/1/22 12,000 $300 Sales: During 2022 18,000 $500 *Assume R. Sloan Retailing's income tax rate is 26%. Compute the cost of goods sold and ending inventory for the R. Sloan Retailing Company using the following assumptions: a. FIFO cost flow assumption: FIFO Ending Inv. 12/31/22 Cost of Goods Sold 2022 b. LIFO cost flow assumption LIFO Ending Inv. 12/31/22 Cost of Goods Sold 2022 c. How much 2022 taxes has R. Sloan Retailing saved by adopting the most tax advantageous inventory method? Fill in (1) ($ Amount), (2) (FIFO or LIFO), and (FIFO or LIFO). R. Sloan Retailing saved (1) $ taxes by adopting (2) rather than (3) Inventory flows for R. Sloan Retailing for 2022 are as follows: (20 Points) Beginning inventory* FIFO 12/31/21 # of units Unit Cost/Sales 10,000 $200 OR LIFO 12/31/21 Year 1998 layer 1 4,000 $80 Year 2000 layer 2 6,000 $120 Purchases: 1/3/22 4,000 $220 7/7/22 6,000 $260 11/1/22 12,000 $300 Sales: During 2022 18,000 $500 *Assume R. Sloan Retailing's income tax rate is 26%. Compute the cost of goods sold and ending inventory for the R. Sloan Retailing Company using the following assumptions: a. FIFO cost flow assumption: FIFO Ending Inv. 12/31/22 Cost of Goods Sold 2022 b. LIFO cost flow assumption LIFO Ending Inv. 12/31/22 Cost of Goods Sold 2022 c. How much 2022 taxes has R. Sloan Retailing saved by adopting the most tax advantageous inventory method? Fill in (1) ($ Amount), (2) (FIFO or LIFO), and (FIFO or LIFO). R. Sloan Retailing saved (1) $ taxes by adopting (2) rather than (3)