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Question 2 (7 Marks) Use the company's data below to compare the of average cost and FIFO methods and compute the net income. Company's Data Beginning cash balance Beginning inventory Purchases Sales Operating expenses Income tax rate 6000 units a 3 4000 units @4 6000 units @ 12 S 4000 S 18,000 S 16,000 S 72,000 S 8,000 40% Average cost FIFO Sales COGS Gross profit Operating expenses Income before tax Income taxes Net income | 1. How much is the ending inventory and cash using the average cost? 2. In an inflationary period, which method leads to higher profits