Assume that ABC Company had following transactions that happened in the year 2016; (1) Two purchases of automobile were made; (2) One sale of the goods took place. Table 1 Beginning Inventory 200 units×$25 = $5 000 (at cost) Purchase One 300 units×$30 = $9 000 (at cost) Purchase Two 200 units×$40 = $8 000 (at cost) Sale 500 units×$100 = $50 000 (at selling price) In addition, at the end of the accounting period of 2016 the company paid cash for income tax at a rate of 40% of income. Remember that now we are using the perpetual inventory system. Required: Fill these tables referencing the relevance text above. 1. FIFO method: Table 2 Beginning Inventory = Purchase One = Purchase Two = Total = 2. LIFO method: Table 3 Beginning Inventory = Purchase One = Purchase Two = Total = 3. The differences in the financial statements under the two methods: Table 4 FIFO LIFO Sales Cost of Goods Sold Gross Margin Income before Taxes Income Tax Expense Net Income