YOU HAVE 2 WEEKS TO DO THIS ASSIGNMENT- DUE 10/13 Purpose The purpose of this Activity is for you to use the concepts covered in chapter 16 to understand better the process of calculating in This comes from Page 567 of your textbook under Business Decision. You are the chief accountant of Pan American Industries, Inc. In anticipation of the upcoming annual stockholders' meetim asked you to determine the effect of the FIFO, LIFO, and average inventory valuation methods on the company's income Beginning inventory, January 1, was 10,000 units at $5 each. Purchases during the year consisted of 15,000 at $6 on Apr 19, and 25,000 units at $8 on November 2. 1. If the ending inventory on December 31 was 40,000, calculate the value of this inventory by using the three valuation FIFO: LIFO: Average Cost: 2. Calculate the income statement items below for each of the inventory valuation methods. 30,000 units at $12 each Net sales Operating expenses $100,000 Income tax rate 30% Pan American Industries, Inc. Net sales FIFO LIFE Averag e Cost