Answer the following questions for management.

$(1)$

Which cost flow method $($FIFO or LIFO$)$ produces the more meaningful inventory amount for the balance sheet?

$(2)$ Which cost flow method $($FIFO or LIFO$)$ produces the more meaningful net income?

$(3)$

Which cost flow method $($FIFO or LIFO$)$ is more likely to approximate the actual physical flow of goods?

$(4)$

How much more cash will be available for management under LIFO than under FIFO?

$(5)$ Will gross profit under the average$-$cost method be higher or lower than FIFO?

Will gross profit under the average$-$cost method be higher or lower than LIFO?