3M reports following for the month of April. Date Explanation Units Unit cost or selling price 65 120 70 75 60 130 1-Apr Inventory 7-Apr Purchase 12-Apr Sale 22-Apr Purchase 25-Apr Sale 30-Apr Inventory 70 85 40 140 160 a) For each of the following assumptions, calculate (i) ending inventory, (ii) cost of goods sold & (iii) gross profit. [3*3] 1. FIFO 2. LIFO 3. Average cost b) Which method gives higher net income? Why? [0.5] c) Which method results in the higher income taxes? Why? [0.5]