Required information C7-1 (Algo) Computing and Evaluating Financial Statement Effects of Alternative Inventory Costing Methods (Chapters 2 and 7) [LO 2-5, LO 7-3] [The following information applies to the questions displayed below.] You have been given responsibility for overseeing a bank's small business loans division. The bank has included loan covenants requiring a minimum current ratio of 1.40 in all small business loans. When you ask which inventory costing method the covenant assumes, the previous loans manager gives you a blank look. To explain to him that a company's inventory costing method is important, you present the following balance sheet information. You ask the former loans manager to find amounts for (o). (b). (c). and ( ( ) assuming the company began the year with 5 units of inventory at a unit cost of $12, then purchased 8 units at a cost of $13 each, and finally purchased 6 units at a cost of $17 each. A year-end inventory count determined that 4 units are on hand. Required: 1. Determine the amount for (a) using FIFO, and then calculate (b) through ( d. 2. Determine the amount for (a) using Weighted Average, and then calculate (b) through (d) 3. Determine the amount for (a) using LIFO, and then calculate (b) through ( d. 4. Determine the current ratios using (J FIFO, (i) Weighted Average, and (in) LIFO. (Round your answers to 2 decimal places.)