1.Describe the FIFO method used to determine cost of goods sold. What impact will FIFO have on the income statement? Why? 2.Describe the LIFO method used to determine cost of goods sold. What impact will LIFO have on the income statement? Why? 3.Describe the Average Cost method used to determine cost of goods sold. Please provide your own numerical example. 4.What is the lower-of-cost-or-market and how can we apply this technique when valuing inventory? Please provide an example. 5.Explain how to calculate the inventory turnover ratio and the days in inventory ratio. What do these two ratio outputs mean exactly? Please provide an example