1 Suppose you have the following information regarding the POTAK Ventures: Mobile phones inventory records Quantity and prices of mobile phones Total (Gh) Quantity Price Inventory on 1st January 100 1000 100,000 First purchase in the year 300 900 270,000 Second purchase in the year 200 800 160,000 Total available for sale 600 530,000 Inventory on 31st December 50 a) Use FIFO method to compute the cost of ending inventory of mobile phones of POTAK Ventures. b) Use average cost method to compute the cost of total sales of tubes of POTAK Ventures for the year. c) Use LIFO method to compute the cost of ending inventory of tubes of POTAK Ventures. d) Which method is preferred