Question 2 2 pts ABC Corp. was formed on 1/1/05 and is in the business of buying and selling erasers. The cost of purchasing erasers and the number of erasers held in inventory has steadily increased since the company was formed. Which of the following inventory methods will result in the lowest reported gross profit in the year ended 12/31/13 income statement? Average cost FIFO e LIFO Can't be determined with the information provided