IBusiness Problem4 (25 points) ABC Wholesale inc. and the purchases during the current year,were u School Business product system. The beginning inventory of a particular Jan. 1 Beginning inventory Mar. 8 Purchase Aug. 11 Purchase Oct. 23 Purchase 90 units @ $129 -$11,610 3units $15 4,080 45 units $176 7,920 11 units$2002.200 $26.410 Total available for sale 185 units On August 15, ABC i, they rded a December 31sale Inc. sold 110 units. The remaining unvits remained in inventory at oor end of Altman Electric's fiscal year the cost of goods sold relating to the sale on August 15 and the ending inventory of nits eatino y he w 1. Compute using the following cost flow assumptions. (15 points) at in a (Show the number of units and the unit costs of each layer) Cost of Inventory Goods Sold at Dec. 31 a Average cost b First-in, first-out c Last-in, first-out 2. Using the cost figures computed above, answer the following questions www.euruniLedu a. Which of the three cost flow assumptions will result in the company reporting the lowest not income for the current year? Would this always be the case? Explain. (5 points) b. Which of the thr ee cost flow assumptions will result in the highest income tax expense for the year? Would you expect this usually to be the case? Explain. (5 points)