Question:2 3M reports following for the month of April. Date Explanation Units 120 1-Apr Inventory 7-Apr Purchase 12-Apr Sale 22-Apr Purchase 25-Apr Sale 30-Apr Inventory 70 60 70 Unit cost or selling price 65 75 130 85 140 40 160 a) For each of the following assumptions, calculate (i) ending inventory. (ii) cost of goods sold & (iii) gross profit. [3*3] 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]