15. The F.L.A.C. Corporation sells a single product. The following is information on inventory purchase, and sales for the current year: Sale Price Unit Cost Number of Units $3.00 10,000 January 1 January 10 January 1-March 31 April 25 April 1-June 30 July 10 July 1-September 30 October 15 Inventory Purchase 3.50 4,000 $ 5.00 Sales 8,000 Purchase 10,000 4.00 Sales 11,000 5.50 Purchase 6,000 4.50 Sales 3,000 6.00 Purchase S7OS 8,000 5.00 October 1-December 31 Sales 9,000 6.50 (a) Compute the inventory balance and the cost of goods sold expense reported at the end of the year using the following methods: FIFO, LIFO, and average cost. (b) Discuss the effect of each method on the balance sheet and income statement during periods of inflation