The following independent situations occurred at the end of Year 2 and require an inventory report in the year-end financial statements. The dollar amounts provided in the table below are on a per-unit basis. Historical Situation cost Estimated selling price Cost of completion Cost of disposal Current replacement Normal profit margin cost 1. $60 $70 - $5 $55 $7 23 2. $50 $80 $20 $6 $53 $3 3. $45 $44 $3 $2 $40 $4 4. $29 $40 $4 $6 $28 $5 5. $85 $110 $15 $5 $82 $5 Select from the option list provided the appropriate measurement attributes for reporting inventory in the year-end financial statements. Each choice may be used once, more than once, or not at all. Situation 1. The company accounts for its inventory using the LIFO method. 2. The company accounts for its inventory using the average-cost method. 3. The company accounts for its inventory using the FIFO method. 4. The company accounts for its inventory using the LIFO method. 5. The company accounts for its inventory using the FIFO method. Measurement attribute