Question: 2. Inventory changes during the year: Beginning Inventory 50 units valued at $100 each, February purchases 70 units at $110 each, August purchases 30 units

2. Inventory changes during the year: Beginning Inventory 50 units valued at $100 each, February purchases 70 units at $110 each, August purchases 30 units at $130 each. Total units used during the year 60. a) Calculate the ending inventory using LIFO and FIFO. LIFO: FIFO: b) What method would you recommend to have the highest net income? Explain

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