Question: 3M reports following for the month of April. Date Explanation 75 1-Apr Inventory 7-Apr Purchase 12-Apr Sale 22-Apr Purchase 25-Apr Sale 30-Apr Inventory Unit cost or Units selling price 120 65 70 60 130 70 85 40 140 160 a) For each of the following assumptions, calculate (i) ending inventory, (ii) cost of goods sold & (iii) gross profit. [303] 1. FIFO 2. LIFO 3. Average cost b) Which method gives higher net income? Why? [0.5] c) Which method results in the higher income taxes? Why? (0.5)