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Styles Exercise 1 On March 31, Public had 29 units in inventory of Txs Tablets. The beginning inventory of a particular product and its purchases during the month of January were as follows: Beginning inventory Purchase (Jan 15) Purchase (Feb 28) Quantity 159 88 42 Unit Cost $_120 127 130 Refer to above data and calculate the cost of Goods Sold and the Ending Inventory assuming that Public uses a) Specific Identification method (72 of the units sold were purchased on Jan 15. 39 units were purchased on Feb 28 and the remaining were purchased in the previous year)(5 marks) b) Average Cost Method (5marks) c) FIFO method(5 marks) d) LIFO method(5marks) e) Discuss briefly the financial reporting differences that may arise from choosing the FIFO method over LIFO (14 marks) States