20 points A friend of you opened a business and is having trouble figuring out how to account for the intentory at the end of year 2021 for his business knowing you are an accounting major, he approaches you with the following ideas concepts 1. To determine the ending inventory balance, he should only those that are in pical posto in other words, whatever is in the warehouse at the end of year is the included for the end inventory 2. He would like to we the FIFO method to determine the amount of ending in and out of goods sold so that he can minimize the income tax liabil Comments on this ideas concepts Give him some examples that may this des concept be correct TTTA - 31 .T.EE 20 points A friend of you opened a business and is having trouble figuring out how to account for the intentory at the end of year 2021 for his business knowing you are an accounting major, he approaches you with the following ideas concepts 1. To determine the ending inventory balance, he should only those that are in pical posto in other words, whatever is in the warehouse at the end of year is the included for the end inventory 2. He would like to we the FIFO method to determine the amount of ending in and out of goods sold so that he can minimize the income tax liabil Comments on this ideas concepts Give him some examples that may this des concept be correct TTTA - 31 .T.EE