Moving to another question will save this response Question 2018 estion 2 20 points A friend of you opened a business and is having trouble figuring out how to account for the story at the end of year 2021 for his bus. Kowing you are an accountmajor, he approaches you with the following ideas concepts 1. To determine the ending inventory balance, he should only count that are in physical possession In other words, whatever is in the warehouse at the end of year is the included for the ending inventory 2. He would like to use the FIFO method to determine the amount of ending inventory and cost of goods sold so that he can in the income tax by Comments on his ideas concepts. Give him some examples that maybe his ideas concepts might be correct Moving to another question will save this response Question 2018 estion 2 20 points A friend of you opened a business and is having trouble figuring out how to account for the story at the end of year 2021 for his bus. Kowing you are an accountmajor, he approaches you with the following ideas concepts 1. To determine the ending inventory balance, he should only count that are in physical possession In other words, whatever is in the warehouse at the end of year is the included for the ending inventory 2. He would like to use the FIFO method to determine the amount of ending inventory and cost of goods sold so that he can in the income tax by Comments on his ideas concepts. Give him some examples that maybe his ideas concepts might be correct