Problem #4: Inventory Review Problem: A. Ironside Co. reported the following data for its purchases and sales of inventory during 2022 below on the left. On the right, the company reports the effect of each transaction on the inventory ledger account: Date Transaction Inventory 10/1 Purchased 12,000 units @ $15 10/18 Purchased 7,500 units @ $16 180,000 121,128 10/30 Sold 11,900 units ??? 11/10 Purchased 15,000 units @ $18 269,745 11/21 Purchased 12,000 units @ 212,990 $17.50 12/5 Sold 20,000 units ??? 12/27 Purchased 5,000 units @ $19 97,119 ??? Other notes: LIFO reserve has a credit balance of $75 the beginning of the period 1. Provide COGS assuming a LIFO perpetual cost method and a FIFO perpetual cost method (you're solving for the ??? amounts because the reduction to inventory is the same as COGS). 2. Provide the adjustment required to LIFO reserve if the company uses FIFO for its internal record- keeping and reports its financial results in LIFO. 3. Provide the test required to determine the lower of cost or market/NRV for both LIFO and FIFO methods. Is a write-down required? (note: you're assessing the entire inventory for write-down).