Question 2. Total Marks Available 12.5 Please complete Part 1 first. Then complete Part 2. Do Part 1 after completing Part 2. not go back and readjust your answers to Eecol Electric Ltd. distributes electronic components and has just completed their first year of operations. Management is looking forward to finding out what the profit for the year was because they get paid a bonus based on net income. The accountant has provided them with the following information their inventory for the year. The company uses a periodic inventory Sales: Purchases: 10,000 units Total cost: $172,000 cost:...ss$190,000 s 36,000 8,000 units Total revenue: Ending inventory under FIFO: 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