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Priya Industries, a software manufacturer, uses the periodic inventory system. They had the following transactions for the month of June: Beginning Inventory Purchase #1 Purchase #2 Purchase #3 Purchase #4 420 480 500 550 units units units units units $32 $33 $35 $37 $39 per unit per unit per unit per unit per unit Priya sold 1,330 units throughout the period. Required: 1. 2. 3. 4. 5. Calculate the a) Ending Inventory and b) Cost of Goods Sold, assuming that the company uses the Last-in, First-out (LIFO) inventory valuation method. Calculate the a) Ending Inventory and b) Cost of Goods Sold, assuming that the company uses the First-in, First-out (FIFO) inventory valuation method. Calculate the a) Ending Inventory and b) Cost of Goods Sold, assuming that the company uses the Average Cost inventory valuation method. Which inventory valuation method produces the highest Net Income? Which method produces the highest Ending Inventory? Which method reduces taxes? What method would Priya Industries most likely use for the physical flow of the inventory? (This means, how would they physically move the inventory out of their warehouse). Why?