Answer the following questions for management. C (1) Which cost flow method (FIFO or LIFO) produces the more meaningful inventory amount for the balance sheet? Which cost flow method (FIFO or UFO) produces the more meaningful net income? (2) (3) Which cost flow method (FIFO or LIFO) is more likely to approximate the actual physical flow of goods? How much more cash will be available for management under UFO than under FIFO? $ (4) (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? e Textbook and Media