Question: Problem 2 (14 points) Use the following data to answer the questions below (assume a periodic inventory system). Beginning inventory 10 units @ 8

Problem 2 (14 points) Use the following data to answer the questions below (assume a periodic inventory system). Beginning inventory 10 units @ 8 Purchase Oct 1 Purchase March 1 5 units @ 9 Sale Dec 1 Purchase June 1 8 units @ 10 3 units @ 11 12 units @ 20 Cost of Goods Sold Gross Profit Ending Inventory FIFO 1805 LIFO Wtd. Average Which inventory method is preferred for tax purposes? Which inventory method yields the highest income?

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