Problem 2) LO 6.2: AC vs. FIFO vs. LIFO Information about Beerbo's January Inventory records are as follows units cost/unit date (#) ($) Jan. 1 Beginning inventory 100 Jan. 6 Purchase 1 60 Jan. 21 Purchase 2 150 Jan. 27 Purchase 3 90 10 Jan. 31 Ending Inventory 400 36 cost ($) 800 540 1,350 900 3,590 Assume the following additional information: 310 units of inventory were sold in January. January's net sales revenue was $6,770 January's operating expenses (excluding COGS) totaled $1,900 Tax expense is calculated as 30% operating income Problem 2.a) Complete the tables Complete the tables below assuming Beerbo apples different inventory costing methodologies. (round to the nearest dollar) Average Cost Method FIFO Method UFO Method Net sales revenue 6,770 COGS 310 Gross profit Operating expenses Income before tax Tax expense Net Income Ending Inventory 90 Problem 2.b) Analyze the effects Given your inputs to the tables above, answer the following questions Problem 2.6.1)_Which Inventory costing method resulted in the highest COGS? Problem 2.b.l1)_Which Inventory costing method resulted in the highest gross profit? Problem 2.b.ll)_Which Inventory costing method resulted in the highest tax expense