Tableau Dashboard Activity $7-2($Static$)$ Comparing LIFO versus FIFO and Calculating the Inventory Turnover Ratio $[$LO $7-3,$ LO $7-5]$

Small$-$Mart is a retailer that offers an assortment of merchandise, including electronics, clothing, and grocery items. The company uses LIFO as its inventory costing method, but many of its competitors use FIFO. Assume that you work in Small$-$Mart's accounting department and the company has just hired a college student as a summer intern. The intern seems to be having a hard time understanding the difference between LIFO and FIFO, so your supervisor has asked you to help him out. The Tableau dashboard below highlights how Small$-$Mart's Cost of Goods Sold and Ending Inventory balances change if the company uses LIFO versus FIFO. Use the dashboard to answer the following questions, which highlight some of the key differences that the intern should learn about.

Financial Statement Effects of LIFO vs$.$ FIFO

Cost of Goods sold

Ending Inventory

$$30...$

FIFn

IIFO

$$ View on Tableau...

Required: $$

Compute the Cost of Goods Available for Sale with LIFO as the inventory costing method. Would this amount be the same or different if the company used FIFO instead?

Based on the information provided in the dashboard, were costs rising or falling during the period?

Which costing method results in a larger income tax expense this period for Small$-$Mart?

Assume that the company had a LIFO beginning inventory balance of $$22,000$ and a FIFO beginning inventory balance of $$23,000,$ Compute the inventory turnover ratio under LIFO and FIFO. Which costing method results in a better inventory turnover ratio?