Inventory Costing Methods Gavin Draducts uses a perpetual inventory system. For Year 1 and Year 2, Gavin has the following data: Required: 1. For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using FIFO. 3. For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using the average cost method. (Note: Use four decimal places for per: unit calculations and round all other numbers to the nearest dollar.) 4. Conceptual Connection: Which method would result in the lowest amount paid for taxes? 5. Conceptual Connection: Which method produces the most realistic amount for income? For inventory? 6. Conceptual Connection: Compute Gavin's gross profit ratio and inventory turnover ratio under each of the three inwentocy costing methods. Round your answers to two decimal places