Eecol Electric Ltd. distributes electronic components and has just completed their first year of operations. Management is looking forward to finding out what the proft for the year was because they get paid a bonus based on net income. The accountant has provided them with the following information concerming their inventory for the year. The company uses a periodic inventory system. Sales: 8,000 units 10,000 units Ending inventory under weighted- average:. Ending inventory under FIFO: Total revenue: Total cost: $172,000 Purchases: $190,000 $ 36,667 5 36,000 Instructions for Part 1: a) Calculate the total gross margin if Eecol decides to use the weighted-average cost formula. b) Calculate the total gross margin if Eecol decides to use the FIFO cost formula. c) Based on your answers to a) and b) which cost formula would management prefer? Why? d) Have prices for the inventory been rising or falling during the year? Justify your answe