2 (Compute FIFO, LIFO, and Averge Cost-Periodic and LIFO and averge cost Perpetual). Presented below is information 3 related to Product A of Prince Company for the month of July 4. Units Unit Units Selling 5 Date Transaction In Cost Total Sold Price Total 6 7/1 Balance 100 $4.10 $410 7 8 6 Purchase 800 4.21 3,368 9 10 7 Sale 300 $7.00 $2,100 11 12 10 Sale 300 7.30 2,190 13 14 12 Purchase 400 4.54 1,816 15 16 15 Sale 200 7.40 1,480 17 18 18 Purchase 300 4.60 1,380 19 20 22 Sale 400 7.40 2,960 21 12 Purchase 400 4.54 1,816 15 Sale 200 7.40 1,480 18 Purchase 300 4.60 1,380 22 Sale 400 7.40 2,960 25 Purchase 500 4.70 2,350 30 Sale 200 7.50 2,100 $9,324 1,500 $10,230 A. Assuming that the periodic inventory system is used, compute the inventory cost at July 31 under the FIFO, LIFO and average cost cost flow assumptions. Which the following cost flow assumptions above will yield the highest gross profit for the income statement in Part A and explain why? Include the preparation of the income statement through gross profit for all three methods. B