Question 2: Tanveer's Toys specializes in the sale of a single product. The following information pertains to Tanveer's Toys for 2020. During the year, 106,000 units were sold for $800,000 Inventory on January 1, 2020, consisted of 9,100 units valued at $36,400 Purchases during the year were as follows: 20,000 @ $4.10 30,000 a $4.25 50,000 a $4.60 10,900 a $5.00 a) Calculate the Inventory on December 31* using FIFO & Average Cost b) Calculate the Gross Profit under FIFO and Average Cost c) Which method is most advantageous from an income tax standpoint, if prices are rising? Why? d) If management wanted the replacement cost of inventory, which method would you select? Why