Question: Consider'the'following'information'related to'the'inventory'of " "Mini-minors" ,"kids"+ 01.'Opening'balance800-units*@-\$8each.+ 02.'Purchase2000'units*@.\$10'each+ 03.'Sales*1400units*@.\$24.each.. 04.'Purchases.2400'units@\$12each.. 05.'Sales2000-units@\$24.each*. 06.'Purchase'1600-units.@\$14.each.. 07.Sale1000units@\$24each. Requirements: * A. Calculation based 'Calculate'the'cost'of'inventory'using'FIFO,'LIFO, and'weighted average'methods. '+ 1. Why'do'companies'keep'inventory?" 2.'When'a'product'is'sold, 'what' happens'to'the'cost'of'inventory'associated with'the product?' 3.'Why'would'a'manager'choose'one'method'of'inventory'over'the'other?'What'are'the' benefits'of'each'inventory 'method? 4.'Why'is'price'inflation'important'to'consider'in'choosing'an'inventory'method?' 5.'Based'on your calculations,"what*would you'recommend-to* "Mini-minor" "management'i terms'of-inventory'management? Consider'the'following'information'related to'the'inventory'of" "Mini-minors" ,kids" 01.'Opening-balance'800'units*@\$8each * 02.Purchase-2000-units`@.\$10'each. 03.Sales*1400-units*@.\$24.each. 04.Purchases-2400-units@.\$12each. 05.Sales2000-units.@.\$24.each. 06.'Purchase'1600'units'@.\$14'each.' 07.'Sale1000'units*@\$24'each. Requirements: A. Calculation'based - Calculate'the'cost'of'inventory'using'FIFO,'LIFO, and'weighted'average'methods