Week 6 Discussion Assume that you own a hat shop and one of your hats has the Albany Technical College emblem on it. Unfortunately, ATC hat prices steadily went up and you're trying to figure out which inventory costing method to utilize for financial statements or tax purposes. In January, you paid total $48 for 3 hats, purchased in three different times and the following is the cost of each hat Item: ATC hat Purchasing Date unit Cost Jan 5 1 $13 Jan. 15 1 $15 Jan. 25 1 $20 Total 3 548 Average cost per unit $16 ($48/3) One hat is sold on January 29 for $30. 1. Compare the gross profit and ending balance of merchandise inventory on January 31 using each inventory costing method. 2. What inventory costing method do you want to use for your hat store and why?