QUESTION 1: (8%) - (20 Points) Inventory Value This is the first year of transaction for ABC Company; therefore, it doesn't have beginning Inventory. First part purchase: 200 units, each unit $10 Second part purchase :300 units, each unit $20 Sales: 350 units, each $50 1-Calculate Ending Inventory value in three methods (FIFO, LIFO and Average method) 2-Calculate Profit/Loss Element of competency: 1) Save Expenses 2) Produce accounting reports