flow 1) List 2 examples of types of businesses that would prefer each of the assumptions. Briefly explain why. There are some examples in the content for Activity 2-please use those to help you brainstorm. Do not repeat them, please (6) Business 1) Explanation Business 2) Explanation FIFO LIFO Business 1) Explanation Business 2) Explanation AVERAGE COST Business 1) Explanation Business 2) Explanation 2) On January 3, Piano Company purchased 5 model E85 electronic pianos for $1000 each. On January 20 it purchased 4 additional model EBS electronic plates for $1200 each. An inventory count on Jan 31 revealed that 2 of the pianos were still Calculate the ending inventory and cost of goods sold under a) FIFO b) average cost and c) LIFO (6) Here's a table to help you organize the date Purchase Date of Units Unit cost Total purchase cost Zb) Based on your answers, which method would you pick if you wanted to have the highest Total Assets? Which method would you pick if you wanted to pay the smallest amount of Income tax? [2]