1) Ultimate Corporation has assembled their management team to review their current inventory methods. They wish to ensure the optimal reporting figures for the upcoming quarter. Below is a summary of their Inventory transactions: Date Units Purchased Purchase Price Units Sold Selling Price Jan 4 1500 $80 Jan 15 800 $76 Feb 8 700 $120 Feb 15 400 $82 Feb 28 1200 $122 Required: A) Determing the Ending Inventory and Cost of Goods Sold under: a. FIFO b. LIFO B) Which inventory method results in the lowest inventory turnover ratio for the quarter? C) If the company decides to change their inventory reporting method - what would be required? 2) You have been asked to provide some guidance to the management team of OHYA Corporation with respect to their asset management.