Question: ABC Company is a manufacturing firm that produces electronic gadgets. They are preparing their financial statements for the fiscal year ending December 31, 2023. As the company's chief financial officer, you are tasked with assessing various accounting issues and providing recommendations to ensure accurate and compliant financial reporting. Subpart (a): One significant issue the company faces is how to account for their inventory. ABC Company holds a diverse range of electronic components and finished products in its inventory, including both raw materials and work-in-progress items. Discuss the various methods available for valuing inventory under generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). Evaluate the advantages and disadvantages of each method and recommend the most suitable inventory valuation method for ABC Company's specific circumstances. Additionally, explain how the chosen method impacts the financial statements, particularly the income statement and balance sheet