PROBLEM 2 (10 points) TopFlight Gliding Corporation is a newly formed entity that engages in the purchase and resale of parasailing equipment. Purchases for the first year of operation were as follows Date 07-Jan 15-Mar 16-Jun 03-Aug 11-Oct Purchases 25 units e $7,500 each 35 units e $8,000 each 15 units $8,250 each 45 units e $8,500 each 12 units e $8,600 each Sales for this first year of operation amounted to 105 units and totaled $1,365,000. a) If TopFlight uses the first-in, first-out (FIFO) inventory method (periodic approach). what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? b) If TopFlight uses the last-in, first-out (LIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? c) If TopFlight uses the weighted-average inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? d) Which of the above techniques produces the highest profit? Which of the above techniques reports the most "'current cost on a balance sheet? Which of the above techniques report the most 'current" cost in measuring income? Which of the above techniques results in the lowest income tax obligation