Q1- Corp X has 50 units in beginning inventory with a cost of $300. During the year purchases were made as follows: January 15- 100 units @ 5.75 per unit June 15- 100 units @ 5.50 per unit October 20-50 units @ 5.00 per unit An inventory count at year end reveals 60 units in ending inventory.What effect will this have on the following ratios from the US GAAP PERSPECTIVE vs IFRS? Briefly explain why. + Increase + decrease - or no change 1-Gross Profit 2-net income 3-current ratio 4-quick ratio 5-Inventory turnover 6-Asset turnover