Question 4 6 marks Accounting for Inventories Inventory cost flow methods PART A-4 marks If the inventory is valued at cost and the price level is steadily increasing, which type of inventory cost flow method, FIFO, LIFO, or the average cost method, will yield 1- The highest inventory cost. Provide a brief explanation and reasoning (1 mark). 2- The lowest inventory cost. Provide a brief explanation and reasoning (1 mark). 3- The highest gross profit. Provide a brief explanation and reasoning (1 mark). 4- The lowest gross profit. Provide a brief explanation and reasoning (1 mark)