Lakeside Industries completed the following inventory transactions during the month of August:

Requirements
1. Without resorting to calculations, determine which inventory method will result in Lakeside Industries paying the lowest income taxes.
2. Prepare a perpetual inventory record using FIFO.
3. Prepare a perpetual inventory record using LIFO.
4. Prepare a perpetual inventory record using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearestdollar.

Transcribed Image Text:

Date Aug 1 Balance Item Quantity Unit Cost 35 70 81 56 $90 $92 4 Purchase 12 Sale 22 Purchase 31 Sale $95