A company just starting business made the following purchases in August pust 300 units $1,560 Aupust 32 400 units 2.340 Aupust 24 400 units 2,520 1,400 units s8.400 A physical count of the inventory on August 31 reveals that there are 500 units on hand. What inventory method produces the lowest gross profit for August? LIFO method Not determinabe O Awrage cast mathod Click if yoe would like to Show Work for this questions Open Show Work In a period of rising prices which inventory method will result in the greatest amount of income tax expense? FIFO O Average cost O uFo LIFO O Specific identification Click if you would like to Show Work for this questions Open Show Work Question Attempts: O of 3 used SAVE FOR LATER