1.What are the three (3) inventory cost- flow assumptions? 2. Which inventory cost-flow assumption usually yields the highest net income? Why? 3. Which inventory cost-flow assumption usually yields the highest ending inventory? Why? 4. Which inventory cost-flow assumption usually yields the lowest tax bill? Why? 5. During a recession, which inventory cost-flow assumption would you choose if you'd like to report the lowest net income? Why? 6. During a recession, which inventory cost-flow assumption would you choose if you'd like the lowest tax bill? Why