Answer All the Questions Question - 1: [5] "The development of accounting and financial reporting is correlated with technological progress in Business". Comment on the appropriateness of this viewpoint. Question - 2: [5] Presented below are transactions related to Z Inc.: Date Transaction 1/1 Beginning inventory 2/4 Purchase 2/20 Sale 4/2 11/4 Sale Purchase Quantity 1,000 2,000 2,500 3,000 2,200 Price/Cost $12 18 30 23 33 Instructions: Calculate Ending inventory, COGS under FIFO method with proof, and gross profit